On October 15, Deputy Prime Minister and Minister of Finance and Economy Lee Hyoung Il met with Japanese Finance Minister Katayama Satsuki in Bangkok, Thailand. During the meeting, the two ministers agreed to extend the Korea-Japan currency swap arrangement, which is set to expire this year, and discussed ways to further develop bilateral economic and financial cooperation.
Deputy Prime Minister Lee and Finance Minister Katayama shared the view that the foreign exchange (FX) authorities of both countries currently maintain sufficient foreign currency liquidity. Recognizing the importance of the currency swap arrangement as a symbol of financial cooperation and coordination between Korea and Japan, they agreed to extend the existing arrangement at its current size of USD 10 billion. The Korea-Japan currency swap arrangement was signed in December 2023 for a three-year term, with a total amount of USD 10 billion, and was scheduled to expire this year.
In addition, the two ministers agreed to hold the next Korea-Japan Finance Ministerial Dialogue in Korea at the earliest possible date, in line with the agreement reached at the 10th Korea-Japan Finance Ministerial Dialogue held in Tokyo in March.
Please refer to the attached files.
