Washington ¨C The United States, Japan and South Korea agreed to ¡°consult closely¡± on foreign exchange markets in their first trilateral finance dialogue on Wednesday, nodding to concerns from Tokyo and Seoul over their currencies¡¯ recent sharp declines.
The rare warning from the three countries¡¯ finance chiefs came as receding expectations of a near-term U.S. interest rate cut pushed the yen to 34-year lows, keeping markets on alert for the possibility of an intervention by Japan to prop up the currency.
¡°We will continue to cooperate to promote sustainable economic growth, financial stability, as well as orderly and well-functioning financial markets,¡± according to a joint statement released after the trilateral meeting.
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