JapanS-KoreaSwapDareToConsiderJapanesBeneficial1
한국의 스왑 굳이 '일본의 장점 "을 생각해 보면3 한국의 스왑 굳이 '일본의 장점 "을 생각해 보면1
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Chart2
Locationof foreign financial institutions where South Korea borrows money
(end of September 2019, final risk base)
|
Partner country |
Amount of money |
ratio |
|
USA |
$ 88.33 billion |
26.78% |
|
UK |
$ 81.10 billion |
24.59% |
|
Japan |
$ 5.39 billion |
16.37% |
|
France |
$ 2.79 billion |
8.22% |
|
Germany |
$ 15.27 billion |
4.63% |
|
Taiwan |
$ 10.36 billion |
3.14% |
|
Other |
$ 5.363 billion |
16.26% |
|
total |
$ 329.76 billion |
100.00% |
(Source:Created by the author based on BIS CBS data " B4-S")
Chart 3
One-year foreign currency denominated debt from foreign financial institutions in Korea
(atthe end of September 2019, based on location)
|
Partner country |
Amount of money |
ratio |
|
USA |
$ 39.23 billion |
34.25% |
|
UK |
$ 16.71 billion |
14.59% |
|
Japan |
$ 10.31 billion |
9.01% |
|
France |
$ 6.93 billion |
6.05% |
|
Other |
$ 41.36 billion |
36.11% |
|
total |
$ 114.54 billion |
100.00% |
(Source:Created by the author based on BIS CBS data " B4-S")
And the fact that pure foreign currency debt exceeds $ 100 billion is hard.（『LowStockPrice-CapitalFlightNotNecessarilyEqual1
reference)
Therefore, from the perspective of outsiders (for example, Japan), they may be worried that they need liquidity securing means such as currency swaps in preparation for emergencies.
Significance of Japan concluding swaps with foreign countries
However, the above discussion merely states that `` Japan contributes to the stability of the financial markets of the partner country, which promotes economic development in the partner country and improves sentiment toward Japan. (Benefits back to Japan) It will not work without the prerequisite ").
Here's what Prime Minister Aso talked about:
From the perspective of contributing to the economy in areas where trade and investment are closely related to Japan, the stability of financial markets, including the foreign exchange market, is very significant.
Japan has been working on expanding swaps with Asian countries such as India, Indonesia and the Philippines since 2013 , but this has been an important part of Japan's growth strategy through financial cooperation with countries with deep economic ties. There is also an aim to capture the growth of Asia, which is a pillar
There is no doubt that cross currency swaps are not only a one-sided charitable aid , but also an aspect that the growth of emerging market countries will lead to Japan's national interests. Absent
….
As a result, the government does not position cross currency swaps as a charitable support business for the partner country.
To the end , the flow is that if financial cooperation with a country with deep economic relations stabilizes the market of the partner country, the economy of that country will surely grow and eventually lead to Japan's national interest .
In other words, a currency swap with a country with a strong currency and huge foreign exchange reserves, such as Japan, can provide a backstop in case of worst-case situations and avoid unnecessary turmoil in the partner's market in advance. No), you can expect the effect.
On top of that, if the partner country develops economically, its benefits will not only extend to Japan, but also will have the effect of improving the sentiment of the partner country toward Japan. It is true that some countries, such as Indonesia, take advantage of Japan and China as a ball and try to derive favorable support from both sides ...).
When it comes to misplace one's priorities
It can't be helped (It is what it is)
However, the above discussion merely states that “Japan contributes to the stability of the financial markets of the partner country, which promotes the economic development of the partner country and improves sentiment toward Japan. It will not work without the prerequisite of "Returning to Japan as a benefit."
Here is what Mr. Miki points out for reference.
However, cross-currency swaps are characterized by the fact that the Japanese government provides credit to South Korea's financing, which has intense competition with the Japanese industry, and consequently Japan's electronics industry and other Some business people point out that there is an aspect that it is pulling
In the Japanese economy and market, exports to South Korea account for a much smaller percentage than Korean exports, and analysis has shown that even if the won falls, the impact on the Japanese economy will not be so great. Is
This is very inspiring. Because
『LieSeenNumberJapan-KoreaInseparableRelationship1
숫자로 본 '한국의 뗄래야 뗄 수없는 관계'론의 거짓말" Looks at the theory of" Japan and Korea are inseparable relations "by numbers "
Specifically, Japanese financial institutions' total external credit amounted to $ 4.5549 billion (as of the end of September 2019 , on a final risk basis), of which $ 54 billion was for Korea . Only 1.23 % .
While Japan's foreign direct investment has reached $ 1.659 trillion (as of December 31 , 2018 ), foreign direct investment in Korea is only $ 39.1 billion , or 2.38 % of total foreign direct investment .
Noda swap ruts
Swap increase measures ( 2008 and 2011 )
The problem is not only that.
The response from the Korean side when Japan responded to the swap increase measures against South Korea is hardly overlooked.
The major swaps that Japan has concluded with Korea in the past are: (1) US dollar denominated currency (Cross Currency) swaps (Chart 4) and (2) Japanese yen denominated Currency (Cross Currency) swaps (Chart 5). There is.