TOKYO, Dec. 13 (Xinhua) -- The Japanese government on Friday agreed to expand its currency swap deals with Indonesia and the Philippines while maintaining the arrangement with Singapore so as to help stabilize financial markets in Asia.
The expansion of the currency deals with the countries, major economies in the Association of Southeast Asian Nations (ASEAN), would help strengthen their emergency response abilities in the case of financial crisis, said the Japanese Finance Ministry.
Japan will raise 12 billion U.S. dollar currency swap with Indonesia to 22.76 billion dollars and raise the deals with the Philippines to 12 billion dollars, said the ministry, adding the country will maintain 3 billion swap deal with Singapore.
Japan's Finance Minister Taro Aso said that currency stabilization in the three countries would contribute to Japan's interests, according to local media.
The agreement came ahead of a special summit, which will kick off Friday evening to commemorating 40th anniversary of ties between Japans and ASEAN.
S.Korea not to extend currency swap deal with Japan
SEOUL, June 24 (Xinhua) -- South Korea and Japan said Monday that they decided not to extend their currency swap deal that was scheduled to expire in early July. "Authorities of Korea and Japan have concluded to end the bilateral won-yen currency swap arrangement of equivalent to 3 billion U.S. dollars between the two central banks, which is due to expire on July 3, 2013," the Bank of Korea (BOK) said in a joint press release with Japan.
The currency swap line between the two countries expanded to 70 billion dollars in October 2011 before reducing to 13 billion dollars a year later amid worsening bilateral relations following the former President Lee Myung-bak's visit to Dokdo islets. Full story