Finance ministers of South Korea and Japan agreed to step up policy coordination in pushing for “a strong, sustainable and balanced growth,” both sides said.

During their meeting in Tokyo on Friday, South Korea’s Finance Minister Bahk Jae-wan and his Japanese counterpart Yoshihiko Noda shared the view that the economy in East Asia still faces risk factors, despite its steady rebound from the global crisis, said a joint press statement issued after the meeting.

“Each shared the view that the economy in East Asia is steadily improving from the global financial crisis thanks to robust domestic demand and exports,” said the press release issued in Korean and Japanese.

“However, challenges such as inflationary pressure, rising raw material prices, increased volatility in capital flows and the impact of Japan’s earthquake remain for the regional economy,” it said. “Each promised to push for appropriate macroeconomic measures and seek policy coordination for a strong, sustainable and balanced economic growth.”

During the meeting, Bahk explained that Korea’s economy is facing rising inflation though its employment and growth remains relatively in good shape, according to the press release.

Noda was quoted as saying that Japan’s economy is confronted with crises of nuclear disasters and electricity supply following the March 11 quake but expressed a strong will to recover. 

(Yonhap News)