Japan proposes currency swap deal to ASEAN

Japan proposes currency swap deal to ASEAN

"We agree that trade is one of the most important engines of economic growth and employment, which contribute to productivity improvements and job creations", the three nations said through a joint statement made at the 17th Trilateral Finance Ministers and Central Bank Governors' Meeting.

Bank of Japan Gov. Haruhiko Kuroda (from left), Finance Minister Taro Aso, South Korean Finance Minister Yoo Il-ho and Bank of Korea Governor Lee Ju-yeol pose for a picture with Chinese Vice-Minister of Finance Yaobin Shi and an unidentified Chinese delegate before their trilateral meeting on the sidelines of Asian Development Bank (ADB)"s annual general meeting in Yokohama, Friday".

Chinese Finance Minister Xiao Jie speaking to the media after his news conference during the ongoing National People's Congress (NPC), China's parliament, in Beijing March 7, 2017.

Finance chiefs of the G20 industrial economies removed their traditional vow to fight all forms of protectionism from their communique at the U.S. request in March.

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Furthermore, in an attempt to reduce the region's dependency on the USA dollar, Japan has proposed forming a currency swap fund worth $40 billion with Southeast Asian countries to reduce the financial stress linked to dollar fluctuations.

The finance and central bank chiefs of the three countries also welcomed efforts among Asian countries to help each other in the event of currency crises, and agreed to work toward supporting the use of local currencies for regional trade. An official at China's finance ministry's global department said "we can not comment", when asked about Xiao's absence from the meeting.

Japan has taken a more accommodative stance toward Washington's argument that trade must not just be free but fair.

The leaders shared the view that global growth is "expected to rise" on the back of robust financial markets and recovery in manufacturing and trade, a joint statement released after their meeting said.

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