April 20, 2024

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[THE INVESTOR] Senior financial regulators from Korea, Japan and China held a meeting in the western port city of Incheon on Dec. 1 during which they discussed each nation‘s steps to ease volatility over US interest rate hikes, officials said.

Kim Yong-beom, vice chairman of the Financial Services Commission, and his Japanese and Chinese counterparts, Ryozo Himino and Wang Zhaoxing, respectively, also shared each nation’s policy experiences on cryptocurrencies and financial technology, the FSC said in a statement.

In opening remarks, Kim said Korea, Japan and China face a common task of closely managing their financial markets to prevent excessive volatility in the wake of the US interest rate hikes.

The United States has begun unwinding a decade of monetary stimulus and has hinted of further raising interest rates.

The officials also discussed ways to tackle structural problems in the wake of the global economic recovery, the FSC said.

By Alex Lee and newswires (alexlee@heraldcorp.com)