The Japanese and South Korean finance ministers vowed to take steps to defend their currencies amid concerns about their weakening currencies

In bilateral meetings, the finance ministers of South Korea and Japan expressed mutual concern about the sharp depreciation of their currencies and vowed to take steps to defend them.

South Korean Finance Minister Choi Sang-mok and his Japanese counterpart Jun Suzuki said in a statement Tuesday (June 25) after a bilateral meeting in Seoul that they expressed serious concern over the recent sharp depreciation of the won and yen.

The two finance ministers reiterated that they would continue to take appropriate measures to address exchange rate fluctuations.

"The two countries have become closer neighbors, resuming currency swaps last year and providing strong support to each other in the face of the seriousness of rapid fluctuations in the financial markets," Choi said in his opening remarks at the meeting.

The announcement sparked speculation that officials from Japan and South Korea could coordinate currency intervention, but Choi Ji-young, South Korea's deputy finance minister for international affairs, said the two sides didn't specifically discuss the issue.

The yen hovered around 160 yen to the dollar Tuesday, near a 34-year low. The won has fallen about 7 percent against the dollar this year to the key level of 1,400 won per dollar.

The meeting follows a trilateral finance ministers' meeting in Washington, D.C., in April, when the U.S. Treasury Secretary also expressed concerns about the two countries' currencies.