The United States, Japan and South Korea agreed to 'consult closely' on foreign exchange markets in their first trilateral finance dialogue on Wednesday, acknowledging concerns from Tokyo and Seoul over their currencies' recent sharp declines.
Item 1 of 3 U.S. Treasury Secretary Janet Yellen, Japanese Finance Minister Shunichi Suzuki and Korean Finance Minister Choi Sang-mok arrive for their trilateral meeting on the sidelines of the IMF /G20 meetings, at the U.S. Treasury in Washington, U.S., April 17, 2024. REUTERS/Kevin LamarqueU.S.
"We will also continue to consult closely on foreign exchange market developments in line with our existing G20 commitments, while acknowledging serious concerns of Japan and the Republic of Korea about the recent sharp depreciation of the Japanese yen and the Korean won," it said. The trilateral gathering, attended by U.S. Treasury Secretary Janet Yellen, Japanese Finance Minister Shunichi Suzuki and South Korean Finance Minister Choi Sang-mok, was held on the sidelines of the International Monetary Fund and Group of 20 finance leaders' meetings this week in Washington.Japan's top currency diplomat Masato Kanda, who is also in Washington, said authorities would not rule out any options in dealing with excessive yen moves.
"From a strategic perspective, currency intervention is far more likely to succeed when delivered through a coordinated international effort. Unilateral moves are helpful in mitigating volatility, but aren't up to the task of reversing the yen's long rate differential-driven slide," Schamotta said. Bank of Korea Governor Rhee Chang-yong said on Wednesday authorities have the resources and tools to smooth out any volatile moves in the country's currency, signaling readiness to intervene in the market to shore up the won.
Tokyo has argued this G20 agreement gives it freedom to intervene in the currency market to counter excessive yen moves.
CMPNY CYCS CYCS08 DIP ECO GEN IMF INTAG MCE NEWS1 POL PRIVT RET RETS SHOP SHOPAL SPCRET TOYRET TRD WBNK EASIA KR AMERS US NAMER ASXPAC EMRG CN ASIA JP ECON TOPNWS FRX TOPCMB CEN INT PLCY MTPIX BOJ BOKR CURINT
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