Japan and South Korea agreed on Thursday to revive a $10 billion currency exchange agreement based on improved bilateral relations to strengthen a regional financial safety net amid growing geopolitical risks.
“There is a growing need to strengthen bilateral relations while global and regional economies face uncertainty and risks,” Masato Kanda, Japan’s deputy finance minister for international affairs, told reporters.
The currency swap agreement was part of the two countries’ ambition to support their cooperation.
At its peak in 2011, the barter agreement was valued at $70 billion.
The agreement, which was resurrected at a meeting in Tokyo between Japanese Finance Minister Shunishi Suzuki and his South Korean counterpart Cho Kyung-ho, was the first dialogue between the two countries’ finance ministers in seven years.
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