South Korea Sunday agreed with China and Japan that they will cooperate closely to minimize the adverse effects of their governments' expansionary monetary policies.

The monetary policy of each government should be decided in a prudent manner and shared by the governments in a transparent manner, said a statement released by South Korean Minister Choi Kyung-hwan and his Chinese and Japanese counterparts, Lou Jiwei, and Taro Aso, after a trilateral meeting in Baku, the capital of Azerbaijan.