President Lee Myung-bak and Japanese Prime Minister Yoshihiko Noda have agreed to seek a currency swap between the two nations in preparation for unstable foreign exchange rates stemming from uncertainty in the global economy.

At the bilateral summit in Seoul on Wednesday the two leaders agreed that it is important to step up foreign exchange collaboration in order to preemptively stabilize the financial market amid exacerbating uncertainty in the world’s economy.

Lee and Noda also agreed to enhance working-level cooperation to resume negotiations for the South Korea-Japan free trade agreement as soon as possible.

On the North Korean nuclear issue, both Lee and Noda said North Korea’s prompt dismantlement of its nuclear program is important for peace on the Korean peninsula and in northeast Asia, and they agreed to continue their close bilateral cooperation on the matter.

At the meeting, the South Korean president also urged Japan's efforts to address issues related to its colonial occupation of the Korean Peninsula. Lee stressed that the two countries should move forward without forgetting the past.

On his visit to Korea, Noda brought the first batch of one-thousand-205 Korean royal books, including Joseon Wangsil Uigwe, that Japan plundered during its occupation of the Korean Peninsula. Under a bilateral agreement effectuated in June this year, Japan agreed to return the royal books.