During a recent meeting on Wednesday, the finance chiefs of the United States, Japan, and South Korea convened to discuss their shared concerns regarding the depreciation of the yen and the won. The officials acknowledged the importance of closely monitoring and communicating about the current volatility in the currency market and pledged to uphold their existing G20 commitments.
U.S. Treasury Secretary, Janet Yellen, Japanese Finance Minister, Shunichi Suzuki, and South Korean Finance Minister, Choi Sang-mok issued a joint statement expressing their commitment to consulting closely on foreign exchange market developments. The three officials also recognised the serious concerns raised by Japan and South Korea regarding the recent sharp depreciation of the yen and the won.
The meeting underscored the importance of collaboration and coordination among the three nations to address the challenges posed by the weakening of the yen and the won. The finance officials highlighted the need for continued dialogue to mitigate the impact of the currency volatility on their respective economies.
The finance chiefs released a statement following the trilateral meeting, emphasising the significance of their existing G20 commitments in managing foreign exchange market developments. They reaffirmed their dedication to upholding these commitments and working together to address the concerns raised by Japan and South Korea.
As acknowledged by the U.S., Japan, and South Korea, the recent depreciation of the yen and the won has raised significant concerns, particularly with regards to its potential impact on the stability of the global economy. The three nations are committed to collaborating to maintain stability in the currency market and to address any challenges that may arise from the current volatility.
The discussion also highlighted the need for continued close communication and cooperation among the finance officials of the U.S., Japan, and South Korea. The meeting served as a platform to reaffirm their commitment to addressing the challenges posed by the weak yen and won, and to explore potential measures to mitigate its impact on the global economy.
Moving forward, the finance officials of the U.S., Japan, and South Korea have pledged to maintain an open line of communication and to consult closely on foreign exchange market developments. They are dedicated to upholding their commitments to address the concerns raised by Japan and South Korea and to work collectively to ensure stability in the global currency market.
The trilateral meeting marks an important step towards addressing the challenges posed by the recent weakness in the yen and the won. The commitment of the U.S., Japan, and South Korea to maintain close communication and cooperation sends a strong signal of their resolve to address the current volatility in the currency market and to uphold their existing G20 commitments.
In conclusion, the finance officials of the U.S., Japan, and South Korea have reaffirmed their commitment to working together to address the challenges posed by the weak yen and won. The trilateral meeting serves as a testament to their dedication to maintaining stability in the global economy and to addressing any concerns related to currency market volatility.