Ahead of Korea's inclusion in the World Government Bond Index (WGBI) next month, Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol emphasized that "now is the best time to invest in Korea."
Koo made the remarks to reporters after holding a bilateral finance ministers' meeting with Japanese Finance Minister Katayama Satsuki in Tokyo on the 14th. The deputy prime minister had hosted an investor relations session on Korea's economy for senior Japanese financial institution officials and approximately 100 global investors in Tokyo on the 13th.
According to the Ministry of Economy and Finance, Koo stressed at the IR session that "now is the time to pay attention to the Korean economy," noting the government will consistently pursue capital market revitalization policies to boost potential growth rates through artificial intelligence transformation and super-innovation economic projects while expanding foreign investors' market access.
The government presented recent economic trends showing exports have set consecutive monthly records for nine months running, and explained that macroeconomic conditions remain solid with national debt ratios and external debt managed at sound levels. Koo also expressed his commitment to actively promote the attractiveness of the Korean market, stating "improvements to our system mean nothing if counterparties don't know about them."
Regarding the recent sharp depreciation of the won, Koo said "stabilization of the Middle East situation is important, but we can engage in verbal intervention if necessary." He added that the two countries discussed closely monitoring foreign exchange markets and taking appropriate measures against disorderly movements to ensure stability. Immediately after the meeting, both nations issued a written statement expressing "serious concerns over the sharp depreciation of the won and yen."
On the Korea-Japan currency swap agreement expiring in November, Koo said both sides shared the view that current financial market volatility makes it not the right time for specific discussions. However, he noted "we will consult with Japan on the future scale and other matters, and the Japanese side also expressed willingness to actively engage in consultations." Korea and Japan signed a $10 billion currency swap agreement on December 1, 2023, with a three-year term.
