Japan and South Korea agreed on Thursday to revive a $10 billion currency swap pact, building on an improvement in two-way ties to bolster a regional financial safety net amid heightened geopolitical risks.<\/p>\n\n\n\n
The swap agreement was first agreed in 2001 as a tool to help the two countries combat a financial crisis, but it was never used and expired in 2015 amid diplomatic tension.<\/p>\n\n\n\n
“There is a growing need to strengthen bilateral ties as global and regional economies face uncertainties and risks,” Masato Kanda, Japan’s vice finance minister for international affairs, told reporters.<\/p>\n\n\n\n
He added that the currency swap agreement comes within the framework of the two countries’ ambition to support cooperation between them.<\/p>\n\n\n\n
At its peak in 2011, the barter deal was worth $70 billion.<\/p>\n\n\n\n
The conclusion of the deal, which was revived at a meeting in Tokyo between Japanese Finance Minister Shunichi Suzuki and his South Korean counterpart Cho Kyung-ho, was the first dialogue between the two countries’ finance ministers in seven years.<\/p>\n","protected":false},"excerpt":{"rendered":"
Japan and South Korea agreed on Thursday to revive a $10 billion currency swap pact, building on an improvement in two-way ties to bolster a regional financial safety net amid heightened geopolitical risks. The swap agreement was first agreed in 2001 as a tool to help the two countries combat a financial crisis, but it …<\/p>\n","protected":false},"author":9,"featured_media":52018,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[36],"tags":[8230,8108,7187],"class_list":["post-85944","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-market-updates","tag-asian-financial-crisis","tag-south-korea","tag-stimulus"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/85944","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=85944"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/85944\/revisions"}],"predecessor-version":[{"id":85945,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/85944\/revisions\/85945"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/52018"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=85944"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=85944"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=85944"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}