"South Korean and US air forces conducted an air interdiction exercise in order to strongly cope with North Korea's repeated firing of ballistic missiles and development of nuclear weapons," the South's air force said in a statement.
Two B-1B "Lancer" bombers from Guam and four F-35B stealth jet fighters from the Marine Corps' Iwakuni airbase in Japan conducted the drill, with four South Korean jet fighters also taking part.
"The wild military acts of the enemies are nothing but the rash act of those taken aback" by Pyongyang's latest missile launch, Yonhap cited the official Korean Central News Agency (KCNA) as saying.
Pyongyang had previously announced a plan to fire a salvo of missiles towards Guam.
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It was one of the moves that saw tensions spiral this month, along with a new set of UN Security Council sanctions and US President Donald Trump's apocalyptic warning to rain "fire and fury" on Pyongyang, and culminating with the North firing a missile over Japan on Tuesday.
With tensions surging, Moscow urged Washington not to use force against North Korea and also said attempts to toughen sanctions would be counterproductive.
In a phone call late yesterday with US Secretary of State Rex Tillerson, Foreign Minister Sergei Lavrov "underscored... the need to refrain from any military steps that could have unpredictable consequences," the foreign ministry in Moscow said.
China today also condemned "destructive" calls for further sanctions, warning Japan, the US and Britain that diplomacy was needed to avert a crisis.
"The current situation on the Korean peninsula is not a screenplay, it's not a computer game. It is a real situation that directly bears on the security of the people on the peninsula and the whole regional peace and tranquility," she said.
On a visit to Japan today, British Prime Minister Theresa May said London and Tokyo would work together to pressure North Korea "including by increasing the pace of sanctions" against Pyongyang".
Today's live-fire drill took place at the Pilseung shooting range in Gangwon province, some 150 kilometres south of the Demilitarized Zone dividing the two Koreas.