U.S., Japan, and South Korea Unite to Stabilize Dollar The Biden administration, along with Japan and South Korea, is taking coordinated action to curb the recent surge of the U.S. dollar against Asian currencies, which has been exacerbated by changing market expectations regarding U.S. interest rates. This collaborative effort was highlighted in a joint statement by U.S. Treasury Secretary Janet Yellen and her counterparts, following a trilateral meeting in Washington. They expressed a commitment to closely monitor and consult on foreign exchange market developments, especially after recent U.S. inflation data prompted a reassessment of anticipated Federal Reserve rate cuts, leading to significant gains for the dollar. The finance ministers also recognized the serious concerns of Japan and South Korea regarding the rapid depreciation of their currencies. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Commercial Real Estate Concerns Lead to Higher Borrowing Costs for Banks READ MORE Weak U.S. Jobs Report Boosts Gold Prices As Many Speculate About Fed Rate Cuts READ MORE South Korea's Reserve Bank Holds Back Amid Global Rush READ MORE Global Public Debt Reaches $97 Trillion, Developing Nations Struggle READ MORE Gold’s Behaviour Points to Sustained Strong Demand READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment