Prime Minister Keizo Obuchi met with Kim Jong Pil, prime minister of the Republic of Korea, before the first Japan-Republic of Korea Gathering of Ministers at a hotel in Kagoshima City, Kagoshima Prefecture. Prime Minister Kim suggested that Japan, the Republic of Korea, and other Asian countries jointly contribute to a $300 billion Asian Currency Fund (provisional name). He also extended an official invitation for Their Majesties the Emperor and Empress to visit the Republic of Korea in the year 2000, to which Prime Minister Obuchi replied that he would endeavor to create a climate that would enable Their Majesties to enjoy a warm welcome in the Republic of Korea.

Gatherings of Ministers to strengthen bilateral dialogue were agreed on in the Japan-Republic of Korea Joint Declaration signed when Republic of Korea President Kim Dae Jung visited Japan in October. At the first such meeting Japan was represented by Prime Minister Obuchi, Minister for Foreign Affairs Masahiko Koumura, and four other cabinet ministers, while the Republic of Korea was represented by Prime Minister Kim, Minister of Foreign Affairs and Trade Hong Soon Young, and three other cabinet ministers. Views were exchanged regarding bilateral relations and measures to overcome the Asian economic crisis. It was agreed to begin preliminary negotiations aimed at the conclusion of a bilateral agreement on investment cooperation and to initiate joint study by Japanese and Republic of Korea research institutions regarding an East Asia free trade zone.

On November 29 Prime Ministers Obuchi and Kim visited the town of Higashiichiki, where Satsuma ware--a style of pottery introduced by Korean potters some 400 years ago--is made, further deepening bilateral friendship.