Japanese Prime Minister Shigeru Ishiba and new South Korean President Lee Jae Myung held their first telephone conversation Monday, agreeing to forge stable bilateral ties in a challenging strategic environment, according to Kyodo News.

Both leaders expressed a desire for an early in-person meeting and reaffirmed the importance of trilateral cooperation with the US, said the report, citing Ishiba during a conference call.

This exchange follows a period of warming relations, as both nations now view each other as partners in addressing global challenges, the report added.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)