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October 9, 2012
Bank of Japan
The Ministry of Finance of Japan and the Bank of Japan announce, in coordination with the Ministry of Strategy and Finance of Korea and the Bank of Korea, the expiration of the temporary measure* to increase the maximum amount of the bilateral currency swap arrangements as of October 31, 2012, as scheduled.
The finance ministries and the central banks of both countries believe that this measure has significantly contributed to mitigating adverse influences of the global financial turmoil on the two economies and also to securing and ensuring stability of not only the Korean foreign exchange market but also the regional financial markets. The four parties evaluate the measure as mutually beneficial.
Given the stable financial markets and the sound macroeconomic condition of both countries, they concluded that the extension of the increase of the bilateral swap arrangements is unnecessary. They also agreed that they will cooperate in an appropriate manner as the need arises while closely monitoring the global economic condition as well as that of both countries.
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