S.Korea c.bank head: Japan needs FX coordination

Published 09/18/2010, 11:00 PM
Updated 09/18/2010, 11:04 PM

INCHEON, South Korea, Sept 19 (Reuters) - South Korea's central bank chief was sceptical that Japan will succeed in stemming the yen's strength without coordination with authorities in other major currency issuers.

"When it comes to Japan, there's no doubt it can't be achieved through a single country's effort," Bank of Korea Governor Kim Choong-soo told reporters on Friday, asking for his comments to be published on Sunday.

Japan sold around 1.8 trillion yen ($20.98 billion) on Wednesday in the country's first currency market intervention in six years to stem the yen's strength, but the unilateral move has drawn criticism from around the world.

"Policy coordination is necessary between countries, such as between China and Japan," said Kim, who was a scholar-turned diplomat before taking up the current post, without explaining what China can do on the yen's value.

South Korean Finance Minister Yoon Jeung-hyun also said on Wednesday that Japan had not contacted his ministry for possible coordination on Tokyo's intervention.

Remarks by South Korean officials are drawing more attention from investors partly because the country will host the November summit of leaders from the Group of 20 developed and leading emerging economies. (Reporting by Kim Yeon-hee; Editing by Yoo Choonsik)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.