Finance leaders from Japan, China and South Korea agreed to resist all forms of protectionism in a trilateral meeting Friday, taking a stronger stand than the G-20 major economies did against the protectionist policies advocated by U.S. President Donald Trump.
In an attempt to reduce the region's vulnerability to dollar swings, Japan also proposed forming bilateral swap arrangements with Southeast Asian nations that will allow it to provide yen funds in times of financial stress.
"We agree that trade is one of the most important engines of economic growth and development, which contribute to productivity improvements and job creations," the finance leaders and central bank governors of the three nations said in a communique issued after their meeting.