The Liancourt Rocks, known also by the name Dokdo in Korean, and Takeshima in Japanese, are two tiny islets situated in the sea between Japan and the Korean Peninsula. The islets have been the source of bilateral tension and dispute due to the fact that both Japan and the Republic of Korea claim sovereign title. This work explores the historical background of the territorial dispute, and gives an analysis of the arguments and motivations of the states involved from the perspective of a neutral observer.