Japan, South Korea to Resume Financial Dialogue After 7 Years

The finance ministers of Japan and South Korea have agreed to restart discussions between their respective financial officials.

The Ministry of Economy and Finance stated that Japan would dispatch officials to South Korea next month to finalize the details of the meeting.

This decision was made during a meeting between South Korean Finance Minister Choo Kyung-ho and his Japanese counterpart, Shunichi Suzuki, at the Asian Development Bank's 56th Annual Meeting of the Board of Governors in Incheon, situated 36 kilometers west of Seoul, Yonhap News Agency reported.

Choo stated prior to the meeting that Japan and South Korea share values such as freedom and human rights and that both countries regard the free trade and market system as essential components of their economic management, presenting several opportunities for collaboration between their governments and private sectors.

The finance ministers of Japan and South Korea held their first meeting in seven years, agreeing to strengthen cooperation between their financial authorities in the face of geopolitical risks and supply chain instability.

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Bolstering Ties to Address Global Economic Woes

Choo emphasized the need for sustainable communication and sharing of experiences between the two countries. Suzuki echoed this sentiment, recognizing the importance of cooperation between Japan and South Korea to address global economic challenges, according to NHK-World Japan.

The United States has urged both nations to resolve their disputes to better counter regional threats. Despite recent concerns over market turbulence following the failures of three US banks,

Asia's economy has remained a bright spot, with the IMF upgrading growth forecasts for the region thanks to China's post-COVID recovery, per Reuters.