Korea and Japan Agree $10 Billion Currency Swap Deal

July 2, 2023 E Jazz Reporter

Korea and Japan on Thursday agreed a fresh currency swap deal worth US$10 billion. The deal consolidates the recovery of frayed bilateral ties.

Finance Minister Choo Kyung-ho and his Japanese counterpart Shunichi Suzuki agreed in Tokyo to set the amount at the same level as the last currency swap agreement that ended in February of 2015.

It will have a duration of three years and allow both sides to swap each other’s currency at a pre-set rate for dollars in times of market volatility.

Finance Minister Choo Kyung-ho (right) shakes hands with his Japanese counterpart Shunichi Suzuki at a meeting in Tokyo on Thursday. /Courtesy of the Ministry of Economy and Finance

The two countries plan to expand the deal into a direct swap between the yen and the won as well.

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