Japan and South Korea’s finance ministers have reportedly confirmed that measures can be taken against sudden fluctuations in currency exchange rates.
On Tuesday, Japanese Finance Minister Suzuki Shunichi and South Korea’s deputy prime minister and finance minister Choi Sang-mok met in Washington on the sidelines of the Group of 20 finance ministers and central bank governors’ meeting.
South Korea’s finance ministry says the two ministers “agreed to further strengthen bilateral cooperation between Korea and Japan for the economic development of both countries.”
The ministry also says “the two ministers shared serious concerns about the recent significant depreciation of the Japanese yen and the South Korean won, and expressed their intention to take appropriate actions against excessive movements.”
At one point on Tuesday, the Japanese currency weakened to 154.79 yen against the dollar in New York. That was the lowest level in about 34 years.
Market watchers are becoming increasingly wary about a possible intervention in the market by the Japanese government and central bank.
South Korea’s currency temporarily fell to the 1,400-won level against the dollar on Tuesday. South Korea’s Yonhap News Agency says that was the lowest rate since November 2022.
