S Korea, China, Japan Likely To Discuss Forex At Sun Meet
SEOUL -(Dow Jones)- Key economic officials from South Korea, China and Japan will meet Sunday in Beijing where they are expected to discuss recent developments on the foreign exchange market and possible measures to combat excessive volatility in their respective currencies, said an official at South Korea's Ministry of Finance and Economy Thursday. Kim Yong-duk, South Korea's Deputy Minister for International Affairs, will meet with his Chinese and Japanese counterparts at the annual forum of the Asia Pacific Economic Cooperation's, or APEC, Finance and Development Program, according to the official.
South Korea has maintained a close relationship with China and Japan, among other Asian countries, regarding foreign exchange issues, with officials in regular contact to monitor movements in the market.
Late last year, when the yen's rapid depreciation against the U.S. currency in turn drove the dollar/won higher, Kim said that South Korea may take collaborative action with the Chinese government if the yen weakened excessively.
People's Bank of China Governor Dai Xianglong and Assistant Governor Li Ruogu are expected to attend the meeting, along with other Chinese finance ministry officials, said a spokesman at China's Ministry of Finance.
Japan's Vice Finance Minister for International Affairs, Haruhiko Kuroda, is one of the Japanese officials expected to attend, the Korean official said.
Details of the topics to be discussed haven't been disclosed.
Largely due to the yen's strength against the dollar, the South Korean won continued its recent rally against the U.S. currency Thursday after hitting a new 15-month high Wednesday.
At 0555 GMT (1:55 a.m. EDT), the dollar was trading at 1,246.3 won, down KRW0.9 from Wednesday's close.
The South Korean government has on several occasions this week expressed its " concerns" over the dollar/won's sharp fall. The Bank of Korea warned it may intervene in the market directly if the current rate of fall continues.
-By So-Eui Rhee, Dow Jones Newswires; 822-732-2165; so-eui.rhee at dowjones.com
(Tian Ying contributed to this report.)
(This story was originally published by Dow Jones Newswires)
Copyright (c) 2002 Dow Jones & Company, Inc.
All Rights Reserved
Foreign Investors Net Buyers Of Japanese Stocks Last Week
TOKYO -(Dow Jones)- Foreign investors were net buyers of Japanese stocks on the Tokyo, Osaka and Nagoya bourses for the fifth straight week in the week ended May 17, the Tokyo Stock Exchange said Thursday. Foreigners bought net Y322.29 billion in the week, compared to net purchases of Y74.26 billion in the previous week.
Foreigners accounted for Y1.471 trillion of purchases against Y1.149 trillion of sales in the reporting week.
Among local investors, the TSE said individuals sold net Y129.53 billion in the week, while investment trusts bought net Y6.79 billion in the week.
Corporations sold net Y25.22 billion while financial institutions sold net Y279.22 billion, the TSE said.
-Tokyo Bureau, Dow Jones Newswires; 813-5255-2929
(This story was originally published by Dow Jones Newswires)
Copyright (c) 2002 Dow Jones & Company, Inc.
All Rights Reserved
Kim said that South Korea may take collaborative action with the Chinese government if the yen weakened excessively.
(shouldn't that be strengthened?)