East Asia’s three biggest economies vowed Friday to work together to help prevent market instability as tensions run high over Pyongyang’s weapons program.
North Korea’s efforts to develop an arsenal of nuclear-armed missiles have fueled concerns among its Asian neighbors and led to threats of military action from Washington, as well as calls for China to rein in its reclusive ally.
Financial markets have been rattled by the events, which have hit investor sentiment and on Friday finance ministers and central bank governors from China, Japan and South Korea affirmed their cooperation in the face of future uncertainty.
“We will continue high degree of communication and coordination among China, Japan and Korea to cope with possible financial instability in the context of increased uncertainty of the global economy and geopolitical tensions,” a joint statement said.
The three-way talks were held on the sidelines of the Asian Development Bank’s (ADB) annual meeting in Yokohama, southwest of Tokyo.
Financial ministers and central bank governors of the 10-strong Association of Southeast Asian Nations (ASEAN) were also attending the ADB gathering, which began on Thursday.
In a separate meeting with ASEAN countries, Japan on Friday proposed to create a new currency swap arrangement worth 4 trillion yen ($36 billion) in case the region faces a financial crisis.
A swap is a useful device in times of economic stress when normal foreign exchange markets can seize up.
“The yen is a stable currency and can work effectively for the stability of financial markets,” Japanese Finance Minister Taro Aso told reporters, according to public broadcaster NHK.
Participants responded positively to the proposal, NHK said.
Since the onset of the Asian currency crisis in the late 1990s, Japan has spearheaded efforts to build a multilateral currency swap agreement.
Source: Arab News
GMT 14:02 2018 Sunday ,02 December
RDIF says $2 billion will be invested in Russian economy from joint Russian-Saudi fundGMT 12:03 2018 Friday ,30 November
Canada on track to sign new free trade deal with US and MexicoGMT 07:59 2018 Wednesday ,21 November
Merkel policies in focus in final debate on draft German budgetGMT 16:57 2018 Wednesday ,31 October
Putin to discuss relations development prospectsGMT 16:04 2018 Monday ,29 October
Russian, Cuban presidents to discuss strategic partnershipGMT 12:57 2018 Saturday ,27 October
"Undeclared war" forces Russia to boost defense spendingGMT 15:45 2018 Friday ,26 October
Medvedev to represent Russia at upcoming APEC summitGMT 14:12 2018 Thursday ,25 October
Saudi Arabia plans to invest in Russian-Chinese Fund soonMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor