Finance ministers of South Korea and Japan discuss weakening of their national currencies

By Alimat Aliyeva

The finance Ministers of the Republic of Korea and Japan, Choi Sang Mok and Shunichi Suzuki, discussed the weakening of their national currencies. This was announced by the Ministry of Planning and Finance of the Republic of Korea, Azernews reports.

On June 25, the ninth meeting of the bilateral dialogue at the level of finance ministers was held in Seoul. Choi Sang Mok and Shunichi Suzuki said that the region's economy is recovering faster than the global average.

"However, they noted the persistence of uncertainty factors, including ongoing geopolitical conflicts, a possible slowdown in the economic growth of [their] major trading partners, and increased volatility in the foreign exchange market. They also shared serious concerns about the recent sharp weakening of the Korean won and the Japanese yen," the press release said.

The finance Ministers of the Republic of Korea and Japan said they were acting together in connection with the special military operation in Ukraine. According to them, it has led to an aggravation of economic risks in the field of supply chains, energy and food security.

Representatives of South Korea and Japan also agreed to further facilitate the exchange of information between customs authorities in order to prevent circumvention of sanctions against the Russian Federation and the DPRK.