TOKYO :Japan and South Korea may discuss at a finance dialogue later this month the fate of a bilateral currency swap arrangement that expired years a
TOKYO :Japan and South Korea may discuss at a finance dialogue later this month the fate of a bilateral currency swap arrangement that expired years ago amid souring ties, Japan’s Finance Minister Shunichi Suzuki said on Friday.
The two countries are arranging for Suzuki and his South Korean counterpart Choo Kyung-ho to hold the bilateral finance dialogue on June 29, Suzuki told a post-cabinet meeting news conference.
The Japan-South Korea currency swap arrangement, once a symbol of the bilateral financial cooperation, expired in February 2015 amid worsening relations, having served as a backstop against any potential currency crisis.
The countries’ finance chiefs will discuss global and regional economies, coordination at G7 and G20, bilateral and regional financial cooperation and bilateral cooperation in taxation and customs.
It could include multilateral currency swap scheme dubbed Chiang Mai Initiative Multilateralisation and other bilateral swap arrangements, which plays a vital role as a financial safety net, Suzuki said.
The finance dialogue would be part of the two countries’ efforts to mend strained relations to counter North Korea’s missile threat and geo-political tension in the Asian region.
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