Following the recent sharp depreciation of the Korean won and Japanese yen, the finance chiefs of South Korea, the United States and Japan have acknowledged "serious concerns" and agreed to consult closely on foreign exchange markets. 

Finance minister Choi Sang-mok, U.S. Treasury Secretary Janet Yellen and Japan's finance minister Shunichi Suzuki issued a joint press statement to that effect on Wednesday following their first trilateral talks, which were held on the sidelines of the Group of 20(G20) finance leaders’ meetings in Washington, D.C. 

In the joint statement, the finance chiefs said they will also continue to consult closely on foreign exchange market developments in line with their existing G20 commitments.

The three sides also said that they will continue to cooperate to promote sustainable economic growth, financial stability, as well as orderly and well-functioning financial markets.

In addition, the finance chiefs emphasized the importance of collaboration to overcome supply chain vulnerabilities and the possible harm to their economies from non-market economic practices of other countries, in an apparent reference to China. 

The three sides also affirmed their commitment to utilizing and coordinating their countries' respective sanctions in response to Russia’s war against Ukraine and North Korea’s weapons programs.