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Stability of the Global Economy

The Japanese and South Korean finance ministers agreed Saturday in their meeting to strengthen cooperation for the stability of the global economy amid uncertainties over its outlook, Japanese officials said, as the two nations seek to mend bilateral ties soured by a territorial dispute.

Japanese Finance Minister Koriki Jojima and South Korean Strategy and Finance Minister Bahk Jae Wan shared a sense of crisis that the pace of growth in the global economy may further slow down due to the prolonged eurozone debt crisis and the so-called "fiscal cliff" in the United States, which is the combination of tax increases and spending cuts set to start in January, the officials said.

The ministers confirmed that the two Asian neighbors will boost cooperation in a wide range of areas such as finance, energy and environment to contribute to the stability of the global economy, they said.

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