South Korea has warned that G8 leaders need to do more to tackle the “unintended” consequences of Japan’s monetary easing when they gather for a summit this month as concerns develop about the knock-on effects of a weaker yen.
In an interview, Hyun Oh-seok, the South Korean finance minister and deputy prime minister, said international co-ordinated action was needed to mitigate the effects caused by “Abenomics” on currency markets.
The weaker yen had begun to hurt South Korean exports, Mr Hyun said, and was having unforeseen spillover effects on the global economy. “The point is that these monetary policies are having quite a negative impact,” Mr Hyun told the Financial Times.
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