Japan, India seal $15b currency deal
World BusinessDec 29, 2011
Japan agreed to make $15 billion available to India in a currency swap arrangement as Europe’s deepening debt crisis threatens to curtail developing Asia’s access to dollar funding. Japanese Prime Minister Yoshihiko Noda renewed a bilateral swap agreement with Indian Prime Minister Manmohan Singh in New Delhi Wednesday. The two nations had signed a $3 billion accord in June 2008 that has since expired. The agreement may help India battle this year’s more- than 16 percent decline in the rupee as