Top financial officials and central bank governors from South Korea, Japan and China agreed Tuesday to make joint efforts in battling economic and financial uncertainties at both the national and regional levels.
The agreement came at a three-way meeting of the countries' finance ministers and central bank governors held in Frankfurt, Germany, where the top financial and monetary policymakers were attending the annual meeting of the Asian Development Bank.
Korean Finance Minister Yoo Il-ho (left) and Asian Development Bank President Takehiko Nakao pose for a photo during their meeting in Frankfurt on May 2, 2016. (Yonhap)
"We discussed current economic and financial situations at national, regional and global levels. Global growth remains modest and uneven, and downside risks and uncertainties to the global outlook persist against the backdrop of continued financial volatility, low commodity prices and low inflation," they said in a joint message, released here by the Bank of Korea (BOK).
"Therefore, we reiterated the importance of protecting regional economic and financial stability against the potential risks," they added.
To that end, the ministers and top central bankers said they will undertake any necessary measures to support growth at both the national and regional levels.
"In this regard, we will continue to enhance communication and coordination among China, Japan and Korea to achieve strong, sustainable and balanced growth at both national and regional level," they said.
The ministers and central bank governors were later joined by their counterparts from the 10 member countries of the Association of Southeast Asian Nations (ASEAN) in the annual ASEAN Plus Three finance ministers' and central bank governors' meeting.
In a separate statement, also released here by the BOK, the officials from 13 countries again noted growing uncertainties in the global market caused by what they called a continued financial volatility, challenges faced by commodity exporters and low inflation.
"Under these circumstances, we stressed the importance of utilizing all necessary policy tools -- monetary, fiscal and structural -- to promote sustainable and inclusive economic growth and foster confidence," said the joint statement.
"We will closely monitor capital flows and risks stemming from capital flow volatility and respond appropriately to the changing economic environment and financial market volatility in support of the regional economic and financial stability," it added. (Yonhap)