Japan, China and South Korea have agreed to set up a forum to regularly discuss international financial issues, the Finance Ministry said Monday.
According to the tripartite agreement, government think tanks of the Northeast Asian nations will hold a seminar at least once a year to exchange opinions.
In addition, international bureau chiefs of the three nations' finance ministries will set up a working group on short-term capital flows, including those of speculative hedge funds.
The agreement was reached in the first seminar held Saturday on Chejudo Island, South Korea. The next will be hosted by Japan in spring 2000.
The launch of the tripartite forum was proposed by South Korea, which has been suffering a severe financial crisis for the past two years, a Japanese official said. There is no formal regional arrangement -- like the Association of Southeast Asian Nations -- for the three Northeast Asian countries.