Seoul, Tokyo Pledge Close FX Coordination After Rare Joint Intervention
South Korea and Japan reaffirmed close communication on currency policy after a rare coordinated intervention in late July.
Senior economic officials from South Korea and Japan have agreed to maintain close communication on currency matters, following a rare joint intervention in foreign exchange markets last month.
The talks took place in Tokyo on Friday between Moon Ji-sung, South Korea's deputy minister for international affairs, and Atsushi Mimura, Japan's top currency diplomat. According to South Korea's Finance Ministry, the two officials exchanged updates on their respective policy responses and discussed current global macroeconomic risks.
The meeting comes just weeks after authorities in both countries stepped in to buy their own currencies on July 31. Sources and analysts have suggested the move may have involved U.S. participation, marking an escalation in efforts to counter sustained currency weakness.
The coordinated action was seen as a significant step, underscoring the shared concerns of both nations over volatile exchange-rate movements. Friday's dialogue signals an intent to keep policy approaches aligned amid ongoing uncertainty in global markets.