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International relations

India and Japan seal $75bn currency swap deal

Modi and Abe sign slew of pacts, upgrading '2 plus 2' to ministerial level

Indian Prime Minister Narendra Modi and Japanese counterpart Shinzo Abe after jointly announcing a series of cooperation pacts in Tokyo on Oct. 29. (Photo by Shinya Sawai)

TOKYO -- India and Japan on Monday inked a $75 billion bilateral currency swap agreement which should bring greater stability to foreign exchange and capital markets in Asia's third largest economy.

The pact, which was concluded during Prime Minister Narendra Modi's visit to Japan, is aimed at enhancing financial and economic cooperation between the two countries, according to a jointly issued statement.

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