{"id":2205585,"date":"2024-06-27T08:00:21","date_gmt":"2024-06-26T23:00:21","guid":{"rendered":"https:\/\/koreapro.org\/?p=2205585"},"modified":"2024-06-26T15:45:55","modified_gmt":"2024-06-26T06:45:55","slug":"south-korea-japan-agree-to-boost-ties-amid-global-challenges-at-finance-talks","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/06\/south-korea-japan-agree-to-boost-ties-amid-global-challenges-at-finance-talks\/","title":{"rendered":"South Korea, Japan agree to boost ties amid global challenges at finance talks"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea and Japan agreed to <\/span><a href=\"https:\/\/www.moef.go.kr\/nw\/nes\/detailNesDtaView.do?searchBbsId1=MOSFBBS_000000000028&amp;searchNttId1=MOSF_000000000069439&amp;menuNo=4010100\"><span style=\"font-weight: 400;\">strengthen bilateral and multilateral cooperation<\/span><\/a><span style=\"font-weight: 400;\"> in various financial and economic areas during the Ninth ROK-Japan Finance Ministerial Dialogue held in Seoul on Tuesday. The two countries also committed to addressing common challenges and global issues, such as sustainable growth, low birth rates and debt vulnerabilities in developing countries.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">South Korean and Japanese finance ministers Choi Sang-mok and Shunichi Suzuki acknowledged the gradual global economic recovery but also the uncertainties that remain, including geopolitical conflicts, potential slowdowns in major trading partners and increased foreign exchange market volatility.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The ministers welcomed progress in key areas of bilateral cooperation, such as the resumption of the two countries\u2019 currency swap arrangement last year, the signing of a Memorandum of Intent between South Korea\u2019s National Tax Service Institute and Japan\u2019s Policy Research Institute, and cooperation in third countries through the Export-Import Bank of Korea and Japan Bank for International Cooperation.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Tuesday\u2019s meeting occurred while Seoul and Tokyo have been grappling with the sharp <\/span><a href=\"https:\/\/www.moef.go.kr\/nw\/nes\/detailNesDtaView.do?searchBbsId1=MOSFBBS_000000000028&amp;searchNttId1=MOSF_000000000068531&amp;menuNo=4010100\"><span style=\"font-weight: 400;\">depreciation of their currencies<\/span><\/a><span style=\"font-weight: 400;\"> against the U.S. dollar. U.S. Treasury Secretary Janet Yellen\u2019s <\/span><a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy2264\"><span style=\"font-weight: 400;\">acknowledgment<\/span><\/a><span style=\"font-weight: 400;\"> of South Korea and Japan\u2019s concerns over currency volatility suggests a potential shift in U.S. policy, allowing more room for Seoul and Tokyo to intervene in foreign exchange markets to stabilize the won and the yen. This tacit approval could provide relief for South Korean and Japanese exporters and businesses that have been adversely affected by the weakening currencies.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The finance ministerial meeting on Tuesday will be followed by a separate <\/span><a href=\"https:\/\/www.motie.go.kr\/kor\/article\/ATCL3f49a5a8c\/169221\/view?mno=&amp;pageIndex=3&amp;rowPageC=0&amp;displayAuthor=&amp;searchCategory=0&amp;schClear=on&amp;startDtD=&amp;endDtD=&amp;searchCondition=1&amp;searchKeyword=\"><span style=\"font-weight: 400;\">U.S.-ROK-Japan industrial meeting<\/span><\/a><span style=\"font-weight: 400;\"> in Washington this week, highlighting the growing importance of trilateral relations. The three countries will likely announce strengthened economic cooperation to boost critical technology development and counter China\u2019s supply chain dominance. However, the sustainability of this trilateral format may depend on the outcome of the upcoming U.S. presidential elections.<\/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 and Japan agreed to strengthen bilateral and multilateral cooperation in various financial and economic areas during the Ninth ROK-Japan Finance Ministerial Dialogue held in Seoul on Tuesday. The two countries also committed to addressing common challenges and global issues, such as sustainable growth, low birth rates and debt vulnerabilities in developing countries. South [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2205586,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,28],"class_list":["post-2205585","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>South Korea, Japan agree to boost ties amid global challenges at finance talks - 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\/06\/south-korea-japan-agree-to-boost-ties-amid-global-challenges-at-finance-talks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea, Japan agree to boost ties amid global challenges at finance talks - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea and Japan agreed to strengthen bilateral and multilateral cooperation in various financial and economic areas during the Ninth ROK-Japan Finance Ministerial Dialogue held in Seoul on Tuesday. The two countries also committed to addressing common challenges and global issues, such as sustainable growth, low birth rates and debt vulnerabilities in developing countries. 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