Yen and Won in Turmoil: Japan and South Korea Ready for Action

Japan and South Korea are expressing serious concern over the steep declines of their currencies, the yen and the won, due to the U.S.-Israeli war driving up the dollar. They are prepared to take action against excessive foreign exchange volatility, prioritizing market stability and economic impacts on citizens.

Japan and South Korea have expressed grave concerns over the rapid depreciation of their currencies, the yen and the won, as escalating tensions from the U.S.-Israeli war on Iran push the dollar higher.

In a joint statement from their annual meeting in Tokyo, Japanese Finance Minister Satsuki Katayama and her South Korean counterpart Koo Yun-cheol acknowledged the sharp declines and stated they are ready to address excessive foreign exchange volatility.

The yen has reached its lowest level in 20 months, while the won crossed the 1,500-per-dollar mark for the first time in over a decade, prompting both nations to monitor the situation closely and potentially intervene if necessary to ensure stability in uncertain economic conditions.

(With inputs from agencies.)