The finance chiefs of South Korea and the U.S. held a conference call and discussed the U.S. Inflation Reduction Act and cooperation in the foreign exchange market. 

According to Seoul's finance ministry, during talks with U.S. Treasury Secretary Janet Yellen late Friday, minister Choo Kyung-ho proposed stronger cooperation and closer monitoring of financial and foreign exchange market trends.

The two shared the view that despite the strengthening dollar, the South Korean economy remains resilient against external shocks due to ample foreign reserves and foreign liquidity.

The two sides reaffirmed they were ready to work closely together to implement liquidity facilities in the event the need arises.  

Choo also conveyed Seoul's concern over the Inflation Reduction Act, which excludes electric vehicles assembled outside North America from tax incentives.

Yellen thanked Choo for sharing South Korea's stance and suggested the two sides continue close coordination. 

The conference call, requested by the Treasury, marked the fourth official talks between the two since Choo took office.