The purpose of the present study is to examine how economic cooperation between Korea and Japan over the years has transformed by analyzing the themes and content of business conferences between the two countries over a period of the past 40 years. The following results were deduced after a close study. First, the cooperation which began as one between a developed country and an under developed country has turned into that between equally strong economies, that can accommodate economic alliances involving a number of other powerful countries. Second, the initial government driven collaboration efforts have become more private sector oriented and recently involving more corporations and regional ventures. Third, as years go by, the principal focus of the economic cooperation has seen numerous variations.