Market Commentary and Intraday News

Japan, South Korea To End Bilateral Currency Swap Deal

225 days ago

(RTTNews) - Japan and South Korea agreed to end the temporary measure to increase the maximum amount of the bilateral currency swap arrangements as of October 31 as scheduled.

The finance ministers and the central banks of both nations concluded that the extension of the expanded bilateral swap arrangement is unnecessary given the stable financial markets and the sound macro economic conditions, the Bank of Korea and the Bank of Japan said in a joint statement.

They said the swap deal contributed significantly to mitigate adverse influences of the global financial turmoil on the two economies and also to secure stability of not only the Korean foreign exchange market but also the regional financial markets.

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