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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Politics

Politics

Japan-South Korea financial chiefs meet after 7 years.

South Korean Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, Japanese Finan... 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, May 2, 2023. REUTERS/Kim Hong-Ji
South Korean Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, Japanese Finan... 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, May 2, 2023. REUTERS/Kim Hong-Ji

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Japan-South Korea financial chiefs meet after 7 years. On Tuesday, Japan and South Korea conducted their first bilateral finance chiefs meeting in seven years, indicating improving relations as they face geopolitical concerns and sluggish economic development.

“At an appropriate timing,” Japanese Finance Minister Shunichi Suzuki told reporters after the meeting, the two nations decided to restart regular finance communication.

Suzuki predicted a yearly debate.

Financial negotiations resume ahead of Japanese Prime Minister Fumio Kishida’s visit to South Korea next week to meet with President Yoon Suk Yeol.

“Japan and South Korea are important neighbors that must cooperate to address various challenges surrounding the global and economy, as well as the regional and international community,” Suzuki said during the meeting with his South Korean colleague Choo Kyung-ho.

North Korea’s nuclear missile development and Russia’s invasion of Ukraine are geopolitical issues. “Japan considers these unacceptable and something the two countries must address,” he added.

Choo said the two nations could improve private-public ties in semiconductors and batteries.

Choo also requested Japan to quickly return South Korea to the “white list” of nations having fast-track trade status in the meeting on the sidelines of the Asian Development Bank (ADB) summit this week.

South Korea’s finance ministry said Choo will meet Suzuki again in Japan this year.

Since 2016, wartime historical conflicts have prevented yearly finance ministerial discussions between the two nations.

In recent months, North Korea’s regular missile tests and China’s increasingly assertive global role have boosted U.S.-allied relations.

Last month in Tokyo, Kishida and Yoon committed to working together to address regional security issues.

Suzuki thought Japan and South Korea could continue financial discussions to improve relations.

 


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