The Financial Services Commission and the Financial Supervisory Service held the 9th annual shuttle meeting of financial authorities with the Financial Services Agency (FSA) of Japan in Busan on December 8.
Joint Press Release of the Ninth Regular Korea-Japan Financial Shuttle Meeting (Busan, Korea, December 8, 2025)
1. In celebration of the 60th anniversary of the normalization of diplomatic relations between Korea and Japan, the Ninth Regular Korea-Japan Financial Shuttle Meeting was jointly held by the Korea Financial Services Commission (FSC), the Korea Financial Supervisory Service (FSS), and the Japan Financial Services Agency (FSA) in Busan, Korea, on December 8th. The event proceeded as follows:
(i) A meeting between FSC Chairman LEE Eog-weon and FSA Commissioner ITO Yutaka;
(ii) Congratulatory remarks and a Japan-Korea joint session at the International Financial Cooperation Forum (IFCF); and
(iii) A meeting between FSS Governor LEE Chanjin and FSA Commissioner ITO.
2. The heads of the three authorities exchanged their views on the implications of the recent global macroeconomic and financial developments for the financial sectors of both countries. They confirmed with each other the overall direction of key policy agenda items and high-priority policy tasks that would deserve further cooperation among the three authorities.
3. Chairman LEE emphasized the importance of enhancing dialogue between FSC/FSS and FSA high-level officials to facilitate smooth and efficient policy cooperation to better respond to common challenges and opportunities in parallel with matters that would need swift action to preserve the financial stability in the region. He added that the dialogue aims to contribute to strengthening both regulators’ capacity to cooperate in addressing common policy tasks, including promoting capital markets, digitalizing the financial sector, and responding to aging populations.
4. Commissioner ITO mentioned that the global movement of digitalization should provide us with a mutually beneficial opportunity to support the growth of both economies and the development of better financial services. He also added that the streamlined communication among financial authorities of the two countries should help develop forward-looking initiatives in the private sector.
5. Governor LEE and Commissioner ITO provided an update on improvements in their capital markets regarding corporate governance reforms, stronger fiduciary duties of institutional investors, and measures to advance the asset management industry. They further discussed shared challenges in financial supervision, such as protecting consumers and managing risks arising from digital finance innovation.
6. On the sidelines of the two bilateral meetings, the three authorities held a joint session under the theme of “Regulatory Frontiers in a Digital Era” at the 10th IFCF, which was hosted by the Council on International Financial Cooperation. Each representative of the three authorities introduced the regulatory and supervisory initiatives for AI and digital assets in their respective jurisdictions. The session produced constructive discussions on future policy challenges and responses.
7. At this Ninth Regular Korea-Japan Financial Shuttle Meeting, the three authorities reaffirmed their willingness to deepen their partnership to foster further development of the financial industry of the two countries. The meeting concluded with their agreeing to reconvene for the 10th Regular Meeting planned to be held in Japan next year.
10th International Financial Cooperation Forum
Following the Korea-Japan financial shuttle meeting, the 10th International Financial Cooperation Forum (IFCF) was held in Busan on the same day with the theme of “Frontier Finance: Reshaping Digital Transactions and Intelligence,” organized by the Council on International Financial Cooperation (CIFC). In this year’s IFCF, the financial authorities of Korea (FSC and FSS) and Japan (FSA) took part in a joint session, and the Busan metropolitan City Government also joined in a policy session promoting Korea’s productive finance and financial hub policies.
In the opening ceremony, more than 200 foreign officials and members of the CIFC participated including Commissioner Hasan Fawzi of Indonesia’s Financial Services Authority (OJK).
For the first time in IFCF’s history, a joint session was organized by the financial authorities of Korea (FSC and FSS) and Japan (FSA), introducing regulatory trends and policy issues concerning the application of AI in financial services, virtual asset regulations, and managing AI risk in the financial sector.
From Tuesday, December 9, foreign attendees will have opportunities to have individual meetings with the members of the CIFC for seeking areas for further cooperation.
* Please refer to the attached PDF for details.