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May 24, 2017

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No plans to extend currency swap deal with S. Korea: Japanese media

TOKYO -- Japan has decided not to extend a currency swap deal with South Korea after it expires at the end of this month unless Seoul seeks an extension, Japanese media reported on Wednesday.

The decision comes as Tokyo's ties with Seoul frayed badly after President Lee Myung-bak visited a set of islands in August claimed by both countries and located about midway between them, known as Takeshima in Japan and Dokdo in Korea.

The government will make a final decision later this month although South Korea has not asked for an extension so far, the Nikkei business daily reported, citing a Japanese official.

The two countries expanded their currency swap arrangements over five-fold to US$70 billion in October 2011, citing the need for pre-emptive arrangements amid global economic uncertainty.

Expiration means that the total swap arrangements would be reduced to US$13 billion as before from November.

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