Japan and South Korea reinforce yen-won swap agreement


Japanese and South Korean officials have agreed to boost the size of their swap facilities in a bid to relieve bank funding pressures in the region.

The Bank of Japan on Wednesday said it reached an agreement with the Bank of Korea to raise the maximum level of its bilateral yen-won swap arrangement from $3 billion to $30 billion. The BoJ said the increase would be effective until the end of October 2012.

South Korea has also expanded a swap agreement with the Japanese finance ministry believed

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