The heads of South Korean and Japanese financial regulators have agreed to boost their cooperation in dealing with growing uncertainties in the global financial market, Seoul’s Financial Services Commission (FSC) said Wednesday.

The agreement was reached between FSC Chairman Kim Byoung-hwan and commissioner of Japan’s Financial Services Agency, Ito Hideki at a meeting in Tokyo on Tuesday, South Korean News Agency (Yonhap) reported.

The two “agreed on the need to further strengthen cooperation between the two countries to effectively deal with the volatility in the global financial market,” the FSC said of the meeting in a press release.

“They noted there exists the strong possibility of the volatility in the global financial market further expanding in the future since the monetary policies and economic conditions of major economies, including the United States, the European Union and Japan, stand at an inflection point while many other factors that can affect the global economy, such as the US presidentia
l election, lie ahead,” it added.

Kim and Ito also shared a view that cooperation between the countries can play an “important role” in dealing with market volatility in a timely manner and agreed to hold detailed discussions on ways to promote close cooperation in the future, according to the FSC.

Source: Qatar News Agency