Korea-Japan Currency Swap Agreement Expires

The Ministry of Strategy & Finance and the Bank of Korea announced on Feb. 16 that the US$10 billion currency swap agreement between Korea and Japan would expire as planned on Feb. 23. 

The agreement had started at US$2 billion in 2001 and the amount once reached US$70 billion, but the two countries failed to extend the agreement at this time. 

Instead, they are going to have a financial ministers’ meeting for the first time in two and a half years. The ministers will meet with each other in Tokyo on May 23.