Japan and South Korea Warn Over Falling Yen and Won

Finance ministers from Japan and South Korea expressed “serious concern” about the sharp decline of their currencies against the U.S. dollar amid Middle East tensions.

Financial markets in South Korea and Japan have seen significant movements.

Japanese Finance Minister Satsuki Katayama and South Korean Finance Minister Koo Yun-cheol said they would remain vigilant and ready to act to stabilize financial markets, according to Kyodo News.

“Financial markets in both countries have seen significant movements,” Katayama said, adding that Tokyo would take all possible measures to mitigate the impact of rising crude oil prices on households.

The U.S. dollar has been attracting safe-haven demand amid the crisis following U.S. and Israeli strikes on Iran. In New York trading, the dollar briefly reached 159.75 yen, its highest level in about 20 months.