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Japan Moving To End South Korea Currency Swap Pact - Yahoo News

View photo South Korea's foreign currency reserves have reportedly increased 18 times more http://bushnere.iloveblog.com than the level seen after the 1997 Asian currency crisis (AFP Photo/Kim Hong-Ji) Japan was moving to end a 14-year-old, $10-billion currency swap accord with South Korea, as the neighbouring US allies fail to mend their soured bilateral ties, reports said on Saturday. Tokyo was expected to announce the decision in the coming week with the current pact expiring on February 23, more? info? said major media, including the Nikkei, the Asahi Shimbun and Kyodo News. "Deterioration of the Japan-South Korea relationship is seen to have affected the decision," the Asahi said. Under the contract, originally agreed in 2001, each country can obtain dollars by giving its own currency to the other at times of financial emergencies. The two sides routinely adjusted the size and details of the agreement, which expanded to as much as $70 billion in 2011, after a series of global crisis, including the collapse of investment bank Lehman Brothers and the eurozone debt crisis. The Nikkei newspaper added that the need for the accord has been reduced as South Korea's foreign currency reserves have increased 18 times more than the level seen after the 1997 Asian currency crisis.
Read more: http://news.yahoo.com/japan-moving-end-south-korea-currency-swap-pact-084633281.html

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