Hi all, I hope this post finds you well!
Today I’d like to bring you the news about financial cooperation between Korea and Japan. On November 21-22, Ryutaro Hatanaka, the Commissioner of Financial Services Agency in Japan, visited Seoul. His visit was by an invitation of Financial Services Commission (FSC) and Financial Supervisory Service (FSS) in Korea.
What was the purpose of this meeting? Well, basically this high-level meeting was held to seek cooperation and coordination of financial policy and regulation between the two countries. To this end, the financial heads discussed feasible measures of cooperation in accordance with rules set by international financial organizations such as the Financial Stability Board (FSB). Also, they shared ideas regarding various means to stabilize both countries’ financial systems.
As you may already know, Korea has separate financial agencies for policy making and supervision. The former is handled by the FSC, while FSS is responsible for the latter. However in Japan, the Financial Services Agency as a single entity performs both functions. Therefore, Mr. Hatanaka met the Chairman of FSC Kim Seok-Dong on the first day of his visit, and had a separate meeting with the Governor of FSS Kwon Hyouk-Se on the following day.
I would like to pick up the significance of those meetings between financial heads. The significance lies in the fact that two dynamic Asian countries are seeking to cooperate and discuss global and domestic issue together. Japan is the third largest economy in the world, and Korea is aiming for being recognized as an advanced nation. Keeping this fact in mind, both countries’ financial policies and regulations can have noteworthy effects on each other. Hope these two countries continue to develop constructive relationship with regard to financial policy and regulation, which will contribute to an overall prosperity in East Asia region.