The nation’s manufacturing industries are pinning hopes on the meeting between finance ministers of Korea and Japan Saturday amid lackluster exports in the wake of the won’s record strength against the yen.

Local exporters are focusing on the outcome of the meeting, while some analysts said the two countries may reach a consensus on extending the currency swap deal which expired in February.

Deputy Prime Minister and Finance Minister Choi Kyung-hwan arrived in Tokyo on Thursday for the sixth bilateral meeting, which is to resume in two and a half years since the previous one in Korea in November 2012.

“Minister Choi marked the highest-ranking official in Korea to visit Japan during the incumbent administration. (The government) expects an improvement in bilateral economic and financial cooperation, which has been in the doldrums,” the Korean Ministry of Strategy and Finance said in a statement on Thursday.

It said that Choi and his counterpart Taro Aso plan to exchange views on the the global economic situation and major policy issues between both countries. The ministry added that they will discuss ways to bolster policy coordination.

The ministry, in particular, expected a significant outcome of the meeting, saying that the two ministers are also scheduled to “discuss the necessity of actively seeking bilateral coordination in the coming G20 and ASEAN+3 meetings.”

Though the ministry avoided mentioning the won-yen exchange rate, many economists and analysts agree that it is one of the core issues that may be discussed.

The Korea-Japan bilateral currency swap agreement, which continued from 2001 to February 2015, has been regarded as an effective tool to minimize volatility in the won-yen exchange rate. Trading currencies at a designated rate for a certain period was allowed under the pact.

An economist of the Korea Economic Research Institute was quoted by a news outlet as saying that he “believes (Korea) needs to sign currency swap deals with as many countries as possible for the stability of its currency.”

Apart from the sagging performance of Korean exporters, the number of Japanese tourists to Korea has rapidly dropped since the second half of 2014 due to the yen’s record slides against the won.

Working-level meetings are also slated for Friday, a day before the two countries are to announce a joint statement after the Choi-Aso meeting.

By Kim Yon-se (kys@heraldcorp.com)