Chief financial regulators from South Korea and Japan agreed on Monday to further cooperate for the stability of the financial market in the East Asian region.

Lee Bok-hyun, governor of the Financial Supervisory Service (FSS), held a meeting with Ito Hideki, commissioner of the Financial Services Agency (FSA), in Tokyo earlier in the day.

They exchanged views on the global economic and financial situation, and its impact on Korean and Japanese financial institutions as well as the recent developments in their respective markets.

During the meeting, Lee reaffirmed the importance of both countries' cooperation and coordination in enhancing financial stability in the region, and highlighted the Korean authorities' measures to stabilize the financial markets in the wake of the recent market fluctuations, as well as their next steps to address them going forward.

The two countries also agreed that they will continue to work together to respond effectively to common opportunities and challenges in the financial sector.