New missile capable of hitting 'anywhere in the world', North Korea says

North Korea has fired another intercontinental ballistic missile "capable of hitting anywhere in the world", according to reports from the South Korean and Japanese militaries.

The Hwasong-14 missile reached an altitude of 2802 kilometres and hit its target in Japan's Exclusive Economic Zone after 39 minutes, an announcement on North Korean state television said.

The South Korean military claimed the missile was launched at 10.40am AEST from an airfield approximately 100km north-west of Pyongyang.

A test-launch of an intercontinental ballistic missile is regarded as a game-changer by those monitoring North Korea's claims that it is pushing for a nuclear-armed missile that can reach the United States.

The new launch comes days after US President Donald Trump declared US patience with the regime was "over."

"The era of strategic patience with the North Korean regime has failed," Trump said in a statement on Friday from the White House Rose Garden with South Korean President Moon Jae-in standing alongside him.

"And, frankly, that patience is over."

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The missile firing is the latest in a string of test launches from the rogue nation in recent months.

The most notable launch came on May 13 when the rogue state test-fired a newly developed mid-to-long range ballistic missile.

After reaching an altitude of 2,111 kilometres, it was suggested the missile was capable of reaching US soil.

The Trump administration has for months urged China to rein in Pyongyang but recently the US president declared that Beijing efforts had failed.

During a phone call on Sunday, Trump "raised the growing threat posed by North Korea's nuclear and ballistic missile programs", the White House said