Press Release

MINISTRY OF STRATEGY AND FINANCE

www.mosf.go.kr

Embargo: Release Date: May 3

Contact Information: Choi Won-jin (02-2150-4711/ International Finance Division)

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At the trilateral meeting among finance ministers and central bank governors from Korea, China and Japan held on May 3, 2012 in Manila, Philippines, the three parties agreed to expand investment in one other’s sovereign bonds and shared views on the need for a framework for trilateral sovereign bond investment. Regarding the framework, there will be trilateral working level cooperation to discuss the methods and procedures of the bond investment.

The new framework is expected to contribute to increasing stability in capital movement among the three countries, as it will provide a more orderly way to invest in the bonds.

The joint statement is on the next page.

Press Release

MINISTRY OF STRATEGY AND FINANCE

www.mosf.go.kr

The Joint Statement

The Trilateral Finance Ministers and Central Bank Governors Meeting May 3, 2012, Manila, Philippines

1. We held the twelfth Trilateral Finance Ministers’ and Central Bank Governors’ Meeting of China, Japan and Korea on May 3, 2012 in Manila, Philippines, under the chairmanship of H.E. Jun Azumi, Minister of Finance, Japan. It was the first time that the Central Bank Governors participated in this meeting. We exchanged views on various issues including the current macroeconomic situations and regional financial cooperation.

2. We are aware of the remaining uncertainties of the global economy and the potential downside risks.

In order to achieve strong, sustainable, and balanced economic growth, we are committed to continue implementing appropriate macroeconomic policies, including promoting fiscal soundness, expanding domestic demand, increasing employment, and accelerating structural reforms.

3. We reaffirmed our commitment to enhance trilateral financial cooperation. In this regard, we welcomed the enlargement of bilateral currency swap arrangements among three countries last autumn, which contributed significantly to stabilize the regional financial markets.

4. We agreed to promote the investment by the foreign reserve authorities in one another’s government bonds, further strengthen our cooperation, including the information sharing, and thereby enhance the regional economic relationship among the three countries. We agreed to have working level officials of the three countries further discuss the methods and procedures of the cooperation.

5. We look forward to seeing the concrete outcomes this afternoon regarding ASEAN+3 Financial Cooperation, including strengthening the Chiang Mai Initiative Multilateralization (CMIM) in its size and function and enhancing the Asian Bond Markets Initiative (ABMI).

6. We welcomed the engagement of the Central Bank Governors in this meeting. We believe that this meeting, with their engagement, will serve as a more effective trilateral platform for enhanced policy dialogue and cooperation.