Japan and South Korea have agreed to cooperate in ensuring stability in energy supply and financial markets in view of the current situation in Iran.
Minister-level financial officials from both countries held a meeting in Tokyo on Saturday. It was the 10th round of such bilateral dialogue.
At the outset of the talks, Japanese Finance Minister Katayama Satsuki expressed concern about the situation in the Middle East. She said Japan is closely monitoring developments in energy and financial markets.
Katayama said marine transportation through the Strait of Hormuz is extremely important for stable energy supplies to Japan, South Korea and other Asian nations.
South Korean Finance Minister Koo Yun-cheol said crude oil prices are rising and that there are geopolitical risks.
He said global economic uncertainty is rising and that interests and motives of countries are becoming more complex.
The officials released a joint statement after the two-hour talks.
The statement said the ministers expressed serious concern over the recent sharp depreciation of the Japanese yen and the South Korean won. They vowed to take appropriate actions against excessive volatility and disorderly movements in exchange rates.
Katayama said at a news conference that she told the South Korean side that Japan will keep in mind the effect of surges in crude oil prices on people’s lives, and take all possible measures at any time.
She also said the two countries were able to further deepen their cooperative relations. She added that they will continue cooperating closely and flexibly.