South Korea, Japan Bolster Currency-Swap Line to $70 Billion
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South Korea and Japan announced they will increase a currency-swap accord to $70 billion amid uncertainty over Europe’s fiscal woes and the global economy.
“It’s important to enhance financial and currency cooperation to preemptively stabilize the financial markets amid escalating global economic uncertainties,” South Korean President Lee Myung Bak said at a press conference in Seoul today after meeting his Japanese counterpart, Prime Minister Yoshihiko Noda. The measures include a one-year, $30 billion dollar swap line and a won-yen agreement of the same amount, according to a statement released today by the Bank of Korea and Finance Ministry.