Japan, U.S., S. Korea Vow to Consult Closely on Forex Moves

   Washington, April 17 (Jiji Press)--Finance ministers of Japan, the United States and South Korea on Wednesday affirmed that the three countries will keep working closely in dealing with movements of foreign exchange rates.
   The ministers said in a joint statement that they are "acknowledging serious concerns" of Japan and South Korea about the recent sharp depreciation of the yen and the won and that they will "continue to consult closely on foreign exchange market developments."
   The statement was issued after the first meeting among the finance ministers from the three countries. The meeting in Washington was attended by Japanese Finance Minister Shunichi Suzuki, U.S. Treasury Secretary Janet Yellen and South Korean Finance Minister Choi Sang-mok.
   In Tokyo currency trading Wednesday, the dollar climbed to 34-year highs above 154.50 yen. The U.S. currency also strengthened against the won, marking the highest level in about one year and five months. The weakness of the Japanese and South Korean currencies has led to growing concerns over negative effects on the two countries' economies, such as rising import prices.
   "Our three countries were able to share how we perceive the rapid weakening of the yen and the won," Suzuki told reporters after the meeting.

(2024/04/18-11:34)