Korean and Japanese Foreign Exchange Authorities to Meet in Japan on 21st

On the 21st, Moon Ji-sung, the International Economic Manager of the Ministry of Economy and Finance, will meet with Atsushi Mimura, the Director of the Japanese Ministry of Finance, in Japan. This meeting is part of ongoing high-level communication following last month's joint market stabilization measures to defend the Korean won and the Japanese yen. The two governments have not disclosed specific agendas. This meeting is attracting market attention as it comes amid simultaneous depreciation pressures on both the won and the yen. Foreign exchange market intervention is a measure taken by monetary authorities to mitigate rapid fluctuations in exchange rates by buying and selling dollars or their own currencies in the market, typically used when their currency is depreciating rapidly. The Japanese Ministry of Finance publishes its foreign exchange intervention results monthly, and the results for the period from July 30 to August 26 are scheduled to be released on the 28th. Reuters reported that Japan conducted yen-buying and dollar-selling interventions in New York. On that day, the dollar-won exchange rate closed at 1,418.30 won, down 1.10 won in the Seoul foreign exchange market. When both the won and the yen face simultaneous depreciation pressures, the authorities of Korea and Japan encounter the common challenge of defending their currencies against the strengthening dollar.

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