Finance ministers of Japan and South Korea agree to resume currency swap agreement as ties warm

TOKYO (AP) — Japan and South Korea have agreed to revive a currency swap agreement for times of crisis. The move is the latest sign of warming ties as the countries work to smooth over historical antagonisms. Japanese Finance Minister Shunichi Suzuki announced the agreement after meeting with his South Korean counterpart, Choo Kyungho. Suzuki emphasized that Japan is fully prepared to deal with fluctuations in the Japanese yen, which has weakened sharply against the U.S. dollar in the past year. Earlier this week, Japan announced plans to reinstate South Korea as a preferred nation with fast-track trade status, essentially ending a four-year dispute as ties deteriorated.