YOON MEETS WITH JANET YELLEN

[Anchor Lead]

President Yoon Suk-yeol met with visiting U.S. Secretary of Treasury Janet Yellen and asked for cooperation in stabilizing the foreign exchange market. The two also discussed ways to boost economic security including energy and supply chain issues. However North Korea sanctions were not on the talks' formal agenda.

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During talks with U.S. Secretary of Treasury Janet Yellen, President Yoon Suk-yeol expressed hopes for the alliance to be expanded to economic security.

[Soundbite] Yoon Suk-yeol(President) : "I expect the security alliance will grow to cover not only politics and military but also industries, technology, economy and finance."

The two also discussed global inflation including rising energy and food prices as well as supply chain cooperation. Yoon made it clear that Seoul fully supports Washington's global leadership when it comes to economic security. He also asked for America's cooperation in stabilizing the relative value of their countries' currencies. Yellen also held talks with her South Korean counterpart. The duo agreed there is more room for cooperation such as liquidity supply, if such measures were deemed necessary. The affirmation is viewed as a step forward in efforts to stabilize the foreign exchange market though it was not as concrete as resuming a bilateral currency swap deal. The value of the Korean won has been sliding against the greenback with the exchange rate hovering above 1,300 won. The US also asked that South Korea introduce a price cap on Russian oil as a way to sanction Moscow for invading Ukraine. The country expressed willingness to join the move. Yellen's apparent message towards China came during her visit to a battery manufacturing plant.

[Soundbite] Janet Yellen(U.S. Secretary of Treasury)

During the ministerial talks, Yellen said the allies will continue coordination to prevent North Korea's nuclear and missile proliferation. But the issue was not addressed as a formal agenda item during talks with President Yoon.