S. Korea, Japan to Expand Currency Swap Accord
Japanese media say South Korea and Japan have agreed to triple the amount of their latest currency swap agreement to 30 billion dollars.
The expanded swap will allow for quick exchange of the yen and won between Japanese and South Korean central banks.
With the accord, South Korea will be able to resolve its dollar shortage problem and Japan will be able to better control fluctuations in the value of its currency.
Japanese media added that China is also considering expanding its currency swap accord with the South.
According to a media report, an announcement on the expanded accord is likely to come on Saturday in Fukuoka during a summit between South Korea, Japan and China.
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