<p>Japan and South Korea agreed on Thursday to revive a $10 billion currency swap deal to strengthen "the regional financial safety net" - a move that comes amid increased geopolitical risks and builds on improving bilateral relations.</p>.<p>The swap deal, which has never been put in action, was first agreed in 2001, designed as a tool to help the two countries cope in the face of a financial crisis. But it was allowed to expire in 2015 amid diplomatic tensions.</p>.<p>"There's increased need to strengthen bilateral ties as global and regional economies face major uncertainty and risks," Masato Kanda, Japan's vice finance minister for international affairs, told reporters.</p>.<p><strong>Also read | <a href="https://www.deccanherald.com/international/world-news-politics/s-korean-japanese-leaders-meet-again-to-improve-ties-1216569.html" target="_blank">S Korean, Japanese leaders meet again to improve ties</a></strong></p>.<p>He added the currency swap deal was part of their ambition to promote cooperation in a range of areas.</p>.<p>At its peak in 2011, the deal was worth $70 billion.</p>.<p>The revived deal was struck between Japanese Finance Minister Shunichi Suzuki and his South Korean counterpart Choo Kyungho at a meeting in Tokyo on Thursday, marking the first dialogue between finance ministers of the two countries in seven years.</p>.<p>The ministers also discussed the global economy, infrastructure investment and debt problems in developing countries, and the role both countries could play in broader financial cooperation.</p>.<p>The next round of finance talks will be hosted by Seoul in 2024.</p>
<p>Japan and South Korea agreed on Thursday to revive a $10 billion currency swap deal to strengthen "the regional financial safety net" - a move that comes amid increased geopolitical risks and builds on improving bilateral relations.</p>.<p>The swap deal, which has never been put in action, was first agreed in 2001, designed as a tool to help the two countries cope in the face of a financial crisis. But it was allowed to expire in 2015 amid diplomatic tensions.</p>.<p>"There's increased need to strengthen bilateral ties as global and regional economies face major uncertainty and risks," Masato Kanda, Japan's vice finance minister for international affairs, told reporters.</p>.<p><strong>Also read | <a href="https://www.deccanherald.com/international/world-news-politics/s-korean-japanese-leaders-meet-again-to-improve-ties-1216569.html" target="_blank">S Korean, Japanese leaders meet again to improve ties</a></strong></p>.<p>He added the currency swap deal was part of their ambition to promote cooperation in a range of areas.</p>.<p>At its peak in 2011, the deal was worth $70 billion.</p>.<p>The revived deal was struck between Japanese Finance Minister Shunichi Suzuki and his South Korean counterpart Choo Kyungho at a meeting in Tokyo on Thursday, marking the first dialogue between finance ministers of the two countries in seven years.</p>.<p>The ministers also discussed the global economy, infrastructure investment and debt problems in developing countries, and the role both countries could play in broader financial cooperation.</p>.<p>The next round of finance talks will be hosted by Seoul in 2024.</p>