Japan, India to swap currency

Japan and India have inked a $15 billion currency swap agreement, the Bank of Japan said yesterday, in the latest sign of cooperation between the Asian giants.
The deal means the pair can swap each other's currency into US dollars with a maximum value of $15 billion through their central banks as a shield against short-term funding problems and excessive volatility on forex markets.
The three-year pact expands a previous currency arrangement between the two countries that lasted from 2008 to 2011 with a maximum value of $3 billion.