NKorea rocket launch:

UN Security Council split over response

UN: The United Nations failed to agree on a response to North Korea’s long-range rocket launch despite pressure from Washington and its allies for action, while regional powers weighed the extent of the new security threat.

Analysts said Sunday’s launch of the rocket, which flew over Japan before splashing down in the Pacific Ocean, was effectively a test of a ballistic missile designed to carry a warhead as far as the U.S. state of Alaska.

South Korean and Japanese financial markets shrugged off the news on Monday. Seoul’s main share index was up more than 2 percent while the won currency was stronger against the dollar as investors cheered Wall Street’s gains last week. Shares in Japan also traded higher, with the Nikkei index up over 2 percent by late morning.

Japan had called for the emergency U.N. Security Council meeting on Sunday. But the 15 members agreed only to discuss the matter further, diplomats said.

The United States, Japan and South Korea say the launch violated Security Council resolutions banning the firing of ballistic missiles by Pyongyang, imposed after a nuclear test and other missile exercises in 2006.

Council diplomats said China, the nearest North Korea has to a major ally, and Russia were not convinced the launch of what North Korea said was a satellite was a violation of U.N. rules. Three other countries supported this view.

“It’s 10 against five,” one diplomat told Reuters.

The U.S. military and South Korea said no part of the Taepodong-2 rocket entered orbit.

North Korea for years has tried to drive a wedge between global powers that have engaged it in security and disarmament talks. Analysts say it thrives on brinkmanship and uses its.military threat to wring concessions.

Monday, Reuters