Finance ministers of Japan and South Korea agree to resume currency swap agreement as ties warm
From July 21, Japan plans to reinstate South Korea as a preferred nation with fast-track trade status. Japanese Finance Minister Shunichi Suzuki, left, and South Korea's Economy and Finance Minister Choo Kyungho. TOKYO (AP) — Japan and South Korea agreed Thursday to revive a currency swap agreement for times of crisis, in the latest sign of warming ties as the countries work to smooth over historical antagonisms. Japanese Finance Minister Shunichi Suzuki announced the agreement after meeting with his South Korean counterpart, Choo Kyungho. It was the first time the two countries have held annual financial talks in seven years, though Suzuki and Choo also met in South Korea in May. Suzuki told reporters that the 3-year currency swap agreement would help reinforce trust in the financial stability of the two countries as a fallback in an emergency. But he emphasized that Japan is fully prepared to deal with fluctuations in the Japanese yen, which has weakened sharply against the U.S. ...