Japan, US, S.Korea discuss currency moves

The finance chiefs of Japan, the United States and South Korea say they will continue to consult closely on developments in foreign-exchange markets. The comment comes after the yen and the won continued to weaken against the dollar.

Japanese Finance Minister Suzuki Shunichi, US Treasury Secretary Janet Yellen, and South Korean Economy and Finance Minister Choi Sang-mok held trilateral talks in Washington on Wednesday.

They are also there to attend the G20 meeting of finance ministers and central bank governors.

A statement issued by the three ministers says they acknowledge the ”serious concerns of Japan and the Republic of Korea about the recent sharp depreciation” of the yen and the won against the dollar.

Currency investors are buying the greenback on speculation that US interest rates will not be cut any time soon as inflationary pressure remains strong.

The Japanese currency is at the lowest level against the dollar in about 34 years. The won recently fell to the weakest since November 2022.

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