The ninth Korea-Japan Finance Ministerial Dialogue is held on June 25 at Government Complex-Seoul in Seoul's Jongno-gu District. (Ministry of Economy and Finance)

By Lee Kyoung Mi

The finance ministers of Korea and Japan have expressed serious concern over the recent depreciation of both countries' currencies and reaffirmed their stance to keep taking appropriate actions.

Their action came on the heels of the persistent weakening of the KRW and the JPY against the globally surging USD.

Deputy Prime Minister and Minister of Economy and Finance Choi Sang Mok on June 25 issued a joint news release with this content with Japanese Minister of Finance Shunichi Suzuki at Government Complex-Seoul in Seoul's Jongno-gu District, following the opening of the ninth Korea-Japan Finance Ministerial Dialogue.

In the statement, both ministers shared serious concern over the depreciation of their respective currencies. They acknowledged the global economic climate marked by geopolitical conflict and heightened volatility in the foreign exchange market, pledging to continue taking appropriate measures.

Additionally, they agreed on the importance of vigilance and quick policy response to maintain economic growth and financial stability.

The two sides also reaffirmed the importance of their bilateral currency swap, which was reinstated last year, to further strengthen the region's financial safety net. They also agreed on the importance of keeping up bilateral financial cooperation and discussing how to raise it.

Seoul and Tokyo went on to cover in depth policy measures on common issues facing both countries such as sustainable growth and low birth rates.

The next such dialogue between the two nations will be held in Japan next year.

km137426@korea.kr