{"id":2204753,"date":"2024-04-19T08:00:34","date_gmt":"2024-04-18T23:00:34","guid":{"rendered":"https:\/\/koreapro.org\/?p=2204753"},"modified":"2024-04-18T17:59:48","modified_gmt":"2024-04-18T08:59:48","slug":"us-south-korea-japan-unite-to-tackle-currency-woes-supply-chain-risks","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/04\/us-south-korea-japan-unite-to-tackle-currency-woes-supply-chain-risks\/","title":{"rendered":"US, South Korea, Japan unite to tackle currency woes, supply chain risks"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea\u2019s Ministry of Economy and Finance <\/span><a href=\"https:\/\/www.moef.go.kr\/nw\/nes\/detailNesDtaView.do?searchBbsId1=MOSFBBS_000000000028&amp;searchNttId1=MOSF_000000000068549&amp;menuNo=4010100\"><span style=\"font-weight: 400;\">announced<\/span><\/a><span style=\"font-weight: 400;\"> that the first trilateral meeting between the finance ministers of the U.S., South Korea and Japan was held in Washington, D.C. on April 17. The meeting, agreed upon during the three countries\u2019 <\/span><a href=\"https:\/\/koreapro.org\/2023\/08\/despite-trilateral-show-of-unity-at-camp-david-biggest-challenges-remain-ahead\/\"><span style=\"font-weight: 400;\">leaders\u2019 summit at Camp David<\/span><\/a><span style=\"font-weight: 400;\"> in Aug. 2023, aimed to strengthen economic and financial cooperation among the three countries and address challenges such as supply chain disruptions, financial instability and global issues like the climate crisis.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The joint press statement released after the meeting reaffirmed the countries\u2019 commitment to promoting sustainable economic growth, financial stability and well-functioning financial markets. The ministers also discussed coordinating sanctions against Russia and North Korea, mobilizing financing for resilient supply chains and reforming multilateral development banks to better respond to global challenges.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The trilateral meeting\u2019s joint acknowledgment of the sharp depreciation of the won and yen underscores the importance of cooperation in maintaining currency stability. The countries may consider coordinated interventions, monetary policy adjustments and currency swaps \u2014 like the <\/span><a href=\"https:\/\/www.moef.go.kr\/nw\/nes\/detailNesDtaView.do?searchBbsId1=MOSFBBS_000000000028&amp;searchNttId1=MOSF_000000000066614&amp;menuNo=4010100\"><span style=\"font-weight: 400;\">$10 billion currency swap<\/span><\/a><span style=\"font-weight: 400;\"> that Seoul and Tokyo revived in December \u2014 to support the won and yen.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The meeting also emphasized collaboration to overcome supply chain vulnerabilities, particularly those stemming from other countries\u2019 non-market economic practices, including \u201ceconomic coercion and overcapacity in key sectors.\u201d While not named explicitly, this was a likely reference to China.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The three countries will likely address China\u2019s challenges by investing in alternative sources, developing domestic industries, promoting fair trade practices and strengthening partnerships, particularly with the Association of Southeast Asian Nations member states.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/inter-korean-foreign-relations\/\"><span class=\"tag\">Inter-Korean &amp; Foreign Relations<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>South Korea\u2019s Ministry of Economy and Finance announced that the first trilateral meeting between the finance ministers of the U.S., South Korea and Japan was held in Washington, D.C. on April 17. The meeting, agreed upon during the three countries\u2019 leaders\u2019 summit at Camp David in Aug. 2023, aimed to strengthen economic and financial cooperation [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2204754,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,28],"class_list":["post-2204753","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-inter-korean-foreign-relations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US, South Korea, Japan unite to tackle currency woes, supply chain risks - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/04\/us-south-korea-japan-unite-to-tackle-currency-woes-supply-chain-risks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US, South Korea, Japan unite to tackle currency woes, supply chain risks - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea\u2019s Ministry of Economy and Finance announced that the first trilateral meeting between the finance ministers of the U.S., South Korea and Japan was held in Washington, D.C. on April 17. 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