INCHEON, South Korea - Japan and South Korea held their first finance leaders' meeting in seven years on Tuesday (May 2) and agreed to resume regular dialogue as tensions in the wider region and slowing growth prod them to increase co-operation and mend strained relations. The resumption of bilateral financial discussions comes ahead of Japanese Prime Minister Fumio Kishida's planned...
South Korean Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, Japanese Finance Minister Shunichi Suzuki, Wang Dongwei, a vice finance minister of China, Governor of Bank of Japan Kazuo Ueda, Deputy Director General of People's Bank of China Chen Jing and Governor of the Bank of Korea Rhee Chang-yong pose for a group photo during a photo session of the 23rd trilateral meeting of Finance Ministers of South Korea, Japan and China in Incheon, South Korea on May 2.
In a joint statement issued after their meeting on Tuesday, Asian finance leaders warned of risks to the region's economy and called for countries to stay vigilant to potential spillovers from the recent US and European banking sector turmoil. Choo said the two countries can strengthen private and government partnerships in high-tech industries such as semiconductors and batteries.
Relations between the two North Asian US allies have been strained in the past over disputes dating to Japan's 1910-1945 occupation of Korea. "The risks Asia faces are smaller than those for other regions because its financial institutions have sufficient buffers, and their exposure to problematic banks is limited," Bank of Japan Governor Kazuo Ueda told a news conference.
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