October 30, 2018 / 1:21 AM / 8 months ago

Japan finance minister: forex swap with India intended to function as safety net

Narendra Modi, India's prime minister, left, and Shinzo Abe, Japan's prime minister, hold signed documents during a joint news conference at Abe's official residence in Tokyo, Japan October 29, 2018. Kiyoshi Ota/Pool via Reuters

TOKYO (Reuters) - Japanese Finance Minister Taro Aso said on Tuesday that a currency swap agreement it signed with India was intended to function as a safety net in case of a financial crisis.

Speaking to reporters, Aso also said the $30 billion currency swap deal Japan signed with China last week would support Japanese companies and banks operating in China if they had trouble exchanging yen for yuan.

Japan and India signed a $75 billion bilateral currency swap agreement on Monday during Indian Prime Minister Narendra Modi’s visit to Tokyo.

Reporting by Stanley White; Editing by Chang-Ran Kim

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