Japan, SE Asia in talks to expand currency swap
World BusinessDec 5, 2013
Japan and Southeast Asian countries are in talks over expanding currency swap arrangements to help cushion their economies in financial emergencies, an official said Thursday, ahead of a Japan-ASEAN summit next week.A swap is a device useful in times of economic stress, when normal foreign exchange markets can seize up, in which financial authorities agree to buy local currency with something much more liquid -- usually the U.S. dollar.Tokyo is now talking with five countries -- Indonesia, the P