South Korea, Japan to Seek Ways to Reinforce Currency Swap Deal

Japan and South Korea agreed to seek ways to bolster their currency swap deal in an effort to address persistent weakness in both the yen and won that has exacerbated inflationary pressure via import costs.

The $10 billion swap agreement that was put in place last year strengthens financial stability in both countries, South Korea said in a statement on Tuesday after Finance Minister Choi Sang-mok and his Japanese counterpart, Shunichi Suzuki, met in Seoul. The two nations had agreed to restore the deal in Tokyo last year after an eight-year hiatus.