Japan, S. Korea Concerned over Weakness of Yen, Won

Tokyo, March 14 (Jiji Press)–Minister-level finance officials of Japan and South Korea held a meeting in Tokyo on Saturday, sharing concern over the rapid depreciation of the two countries’ currencies. A joint statement adopted at the meeting expressed “serious concern over the recent sharp depreciation of the Korean won and the Japanese yen.” Participants “reaffirmed that they will closely monitor foreign exchange markets and continue to take appropriate actions against excessive volatility and disorderly movements in exchange rates,” the document also said. From Japan, Finance Minister Satsuki Katayama and other officials attended the gathering. South Korea was represented by Deputy Prime Minister and Minister of Finance and Economy Koo Yun-cheol. The attendees also confirmed the importance of close cooperation to ensure stable energy supply amid growing tensions in the Middle East, such as Iran’s blockade of the Strait of Hormuz, a key oil transportation waterway. “We will implement all possible measures at any time, taking into account the impact of exchange rate fluctuations on people’s lives amid soaring oil prices,” Katayama told a press conference after the meeting. The two sides also agreed to further diversify supply chains for rare earths and other critical minerals through multilateral frameworks. South Korea is participating in talks between the Group of Seven major industrialized nations and like-minded countries aimed at reducing their dependence on China for critical minerals. “We share a sense of crisis,” Katayama said. The G-7 groups Britain, Canada, France, Germany, Italy, Japan and the United States plus the European Union. The bilateral finance dialogue started in 2006 and has been hosted alternately in Japan and South Korea. Saturday’s meeting was the 10th of its kind and the first since June 2024. END [Copyright The Jiji Press, Ltd.]