South Korea and Japan shared 'serious concerns' on the recent weakness of their currencies against the dollar and agreed to take 'appropriate actions' to counter extreme volatility, the finance ministry in Seoul said Wednesday.
Signs offering to change money are pictured at the entrance to a currency exchange shop in central Tokyo on April 17, 2024, as the yen continues its downward spiral against the US dollar. The prospect of US interest rates remaining high has sent the dollar surging this year, and this week hit a 34-year high against the yen as Japan's central bank keeps monetary policy loose.
South Korean Finance Minister Choi Sang-mok and his Japanese counterpart Shunichi Suzuki discussed the matter in Washington this week on the sidelines of a G20 meeting, according to the finance ministry. The greenback has also risen against a range of other currencies this year, including the Indian rupee, Australian dollar and Thai baht.
The won has weakened more than seven percent against the dollar this year and the yen nearly nine percent, according to Bloomberg News. The peso closed at 57 against the dollar yesterday, after shedding 19.2 centavos from Monday’s 56.808 finish, data from...
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