Reference news network reported on June 30According to Yonhap News Agency, the Eighth Korea-Japan Finance Ministers Meeting was held in Tokyo on June 29. At the meeting, the finance ministers of the two countries agreed to restart the currency swap agreement with a scale of 10 billion US dollars.
According to reports, South Korea’s Deputy Prime Minister for Economy and Minister of Planning and Finance Qiu Qinghao and Japanese Finance Minister Shunichi Suzuki held a meeting at the Ministry of Finance in Tokyo on the same day. This is the first meeting of finance ministers between South Korea and Japan in seven years. After the meeting, the two finance ministers issued a joint press communiqué to introduce the results of the meeting.
According to reports, this is the first time in eight years that South Korea and Japan have restarted the currency swap agreement. South Korea and Japan signed a currency swap agreement for the first time in 2001, with a scale of US$2 billion. After experiencing the baptism of the global financial crisis and the European financial crisis, the total amount of swaps increased to US$70 billion in 2011. Due to the colder relations between South Korea and Japan, the total quota continued to shrink, and the agreement with only 10 billion US dollars left expired in February 2015 and has been shelved until now. It is worth noting that in this agreement, the transaction currency is changed to US dollars. As a result, the foreign exchange reserves of South Korea and Japan have increased by US$10 billion.
According to the report, according to the press release, the two sides also discussed strengthening bilateral and multilateral cooperation at the meeting, and agreed to deepen cooperation in the fields of investment, finance and taxation.Return to Sohu to see more
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