Reported 8 months ago
South Korea's Finance Minister, Yoon Jae-nam, and Japan's Finance Minister, Toshimitsu Motegi, met in Seoul on June 25, 2024, to discuss strengthening the currency swap agreement that reached 100 billion US dollars to enhance financial stability between the two countries. The agreement aims to address the ongoing depreciation of the Japanese yen and Korean won. Following the 1997 Asian financial crisis, Japan and South Korea began using a currency swap agreement in 2001, which was reinstated last year after an 8-year hiatus and is set at a maximum of 100 billion US dollars. Both sides emphasized the need for vigilant policy actions to support economic growth and ensure financial stability.
Source: YAHOO