Above and beyond sanctions already called for in the UN resolution, Tokyo was considering banning cash remittances and freezing assets held by North Korea, according to Japanese newspapers on Monday, including the business daily Nihon Keizai.
Japan already has in place limited sanctions against North Korea that it imposed immediately after Pyongyang test-fired seven missiles earlier this month. But Shinzo Abe, the chief cabinet secretary, said on Sunday that the additional steps be taken in response to North Korea's rejection of the UN resolution, the reports said.
North Korea drew international condemnation this month after firing the missiles, including a long-range Taepodong-2, ending a self-imposed moratorium.
On Saturday, the UN Security Council unanimously passed a resolution criticising the launches and banning all UN member states from dealing with North Korea on material or technology for missiles or weapons of mass destruction.
North Korea's UN ambassador rejected the resolution at the Security Council and left the chamber, a breach of typical diplomatic protocol.
On Sunday, the North's foreign ministry spoke of further repercussions.
Tokyo has so far imposed only limited sanctions against North Korean in the wake of its missile tests, including barring a trade ferry from Japanese ports.
Japan would carefully consider when to impose the additional sanctions that could be contingent on whether Pyongyang moves to test more missiles, the Nihon Keizai said.