Choe Sang-mok, who met with Japanese Finance Minister, says "Foreign Exchange Market Opening to Proceed Without Hitches"

Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok is having a video conference with Japanese Minister of Finance Katsunobu Kato on the afternoon of the 12th at the Government Seoul Office in Jongno-gu, Seoul. (Source: Ministry of Economy and Finance)

Choi Sang-mok, Deputy Prime Minister for Economy and Minister of Strategy and Finance, held a video conference on the 12th with Japan’s Finance Minister Kato Katsunobu and stated, "Key tasks such as opening the foreign exchange market, the value-up program, and inclusion in the World Government Bond Index (WGBI) will be consistently and smoothly pursued." This followed a video meeting with U.S. Treasury Secretary Janet Yellen, where he emphasized the stability of the Korean economy, and now he has engaged in dialogue with the Japanese side as well.

The Ministry of Strategy and Finance announced that Deputy Prime Minister Choi held a video conference with Finance Minister Kato at the Government Seoul Office in the afternoon. During the meeting, Deputy Prime Minister Choi emphasized, "Despite political uncertainties, stable public order is being maintained, so there is no concern whatsoever regarding the safety and normal economic activities of foreigners and companies, including Japanese residents in Korea."

He also explained, "Looking at past cases, the impact of non-economic factors such as politics on our economy is temporary and limited," and mentioned, "Based on a permanent cooperation system among economic, financial, and foreign exchange authorities, we will closely monitor economic and financial trends and respond swiftly if necessary."

In particular, he stressed, "Key tasks such as opening the foreign exchange market, the value-up program, and inclusion in the World Government Bond Index (WGBI) are scheduled to be pursued consistently without setbacks," and added, "The role of the Japanese government is important in maintaining Japanese investors’ interest and trust in the Korean market."

Finally, he stated, "Going forward, the Korean and Japanese financial authorities must continue to cooperate on major international stages."

In response, Minister Kato expressed gratitude for the Korean government’s consistent policy will and explanations of various market stabilization measures, replying, "Korea and Japan are important neighboring countries that must cooperate as partners on various international issues."

He also said, "The importance of Korea-Japan relations will be maintained in the future, and I hope close communication and cooperation between the authorities of both countries will continue."

Earlier, on the 10th, during a meeting with Yellen, Deputy Prime Minister Choi explained the domestic situation after the emergency martial law incident, stating, "Korea’s democratic procedures are fully functioning, and all national systems are operating normally as before," continuing external communication to maintain national credibility.

The government is also focusing on calming market instability. The so-called F4?Deputy Prime Minister Choi, Bank of Korea Governor Lee Chang-yong, Financial Services Commission Chairman Kim Byung-hwan, and Financial Supervisory Service Governor Lee Bok-hyun?have been holding daily emergency macroeconomic and financial issue meetings since immediately after the martial law. Conference calls with the three major credit rating agencies?S&P, Moody’s, and Fitch?as well as meetings with institutional investors and domestic foreign banks are also ongoing.