TOKYO - Japan, the United States and South Korea are considering slapping financial sanctions on North Korea for conducting a fourth nuclear test last month, diplomatic sources said on Saturday.
The move comes amid escalating international tensions as Pyongyang has moved forward to Sunday the start of a period during which it plans to launch a satellite-carrying rocket, widely believed to be a disguised test of a long-range ballistic missile.
The three allied nations intend to proclaim additional sanctions on North Korea when the United Nations Security Council passes a resolution against Pyongyang for testing what it claimed was a hydrogen bomb on Jan 6, the sources said.
Washington, Tokyo and Seoul are considering their own steps as China is reluctant to take strong action against Pyongyang based on the UN resolution.
The three countries will seek support from the broader international community and call on the other members of the Group of Seven countries -- Britain, Canada, France, Germany and Italy -- to take part in the new scheme aimed at pressing North Korea to abandon its nuclear weapons development program.
The sanctions are likely to center on excluding companies conducting business with North Korea from international financial markets.
Under the plan, companies would be banned from transacting business with financial institutions in any country prepared to enforce the sanctions if they did business with North Korean entities and individuals involved in Pyongyang's nuclear and missile developments, according to the sources.
The scheme is similar to the sanctions against Iran which the United States and European nations lifted in January.
The envisioned sanctions are likely to provoke a backlash from Beijing, as some Chinese firms could be subject to the sanctions.