Japanese and South Korean finance ministry officials have expressed “serious concerns” about the weakening of the yen and the won, warning that they might take steps to counteract volatility. This week is particularly significant as financial officials from around the world gather in Washington for the annual International Monetary Fund meeting and the Group-of-20 meetings.

Small and medium-sized enterprises in Japan are struggling with the higher costs of imported materials, prompting the head of the Tokyo Chamber of Commerce and Industry to call for consideration of coordinated currency intervention with other countries to support the yen midweek. The South Korean government also highlighted that it discussed “serious concerns” with its Japanese counterparts regarding the weakness of the won and the yen, and warned that it might take steps against volatility.

Additionally, Bank Indonesia announced on Tuesday that it had intervened to support the rupiah after the currency reached 16,000 per dollar for the first time in four years. Throughout these events, the possibility of a coordinated intervention to curb the strengthening dollar has been raised, but no concrete plans have been made yet.