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May 27, 2005
Bank of Japan
The Bank of Japan has reached an agreement over the terms and conditions for the bilateral yen-won swap arrangement with the Bank of Korea, effective on May 27, 2005.
The maximum amount of the swap arrangement is three billion US dollars equivalent in yen and won.
This Agreement is in line with the framework of the Chiang Mai Initiative in pursuit of stabilizing regional financial markets through supplying short-term liquidity.
The Bank of Japan believes that the Agreement also serves the purpose of enhancing mutual cooperation between the two central banks.