Yellen meets Japan, South Korea counterparts in bid to boost economic ties

Treasury Secretary Janet Yellen acknowledged the concerns of Japan and South Korea over sharp declines in their currencies during a trilateral meeting of finance chiefs that may offer Tokyo and Seoul more scope to defend the yen and the won. Yellen, Japanese Finance Minister Shunichi Suzuki and South Korean Finance Minister Choi Sang-mok said in a statement that they will “continue to consult closely on foreign exchange market developments in line with our existing G-20 commitments, while acknowledging serious concerns of Japan and the Republic of Korea about the recent sharp depreciation of the Japanese yen and the Korean won.”