Japan, India sign bilateral currency swap agreement

Japan, India sign bilateral currency swap agreement

Prime Minister Narendra Modi and Japanese Prime Minister Shinzo Abe during the Joint Press Statement, in Tokyo, Japan, Monday, Oct 29, 2018. (PIB Photo via PTI)

Japanese Finance Minister Taro Aso said on Tuesday that a currency swap agreement it signed with India was intended to function as a safety net in case of a financial crisis.

Speaking to reporters, Aso also said the $30 billion currency swap deal Japan signed with China last week would support Japanese companies and banks operating in China if they had trouble exchanging yen for yuan.

Japan and India signed a $75 billion bilateral currency swap agreement on Monday during Indian Prime Minister Narendra Modi's visit to Tokyo.

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