Senior economic officials from South Korea and Japan pledged on Friday to maintain close communication during talks held just weeks after a rare coordinated currency intervention to prop up their currencies.
The meeting between Moon Ji-sung, South Korea's deputy minister for international affairs, and Japan's top currency diplomat, Atsushi Mimura, took place at the Japanese Ministry of Finance in Tokyo where the two shared updates on their respective policy responses and current global macroeconomic risks, South Korea's Finance Ministry said in a statement.
The talks took place against a backdrop of aggressive, coordinated policy moves in foreign exchange markets.
On July 31, authorities in Tokyo and Seoul both stepped in to buy their currencies, possibly with U.S. involvement, sources and analysts said, in a rare coordinated intervention marking an escalation in efforts to stem currency weakness.
