Japan-South Korea swap, dare to consider "Japanese beneficial"
JapanS-KoreaSwapDareToConsiderJapanesBeneficial1
한국의 스왑 굳이 '일본의 장점 "을 생각해 보면3 한국의 스왑 굳이 '일본의 장점 "을 생각해 보면1Dollar-denominated Japanese Cross Currency swaps that existed in the past
|
Conclusion date |
Overview |
Japan → Korea upper limit |
|
July 4, 2001 |
Start of Japan-Korean Currency (Cross Currency) swap based on CMI |
$ 2 billion |
|
February 24 , 2006 |
Increase of CMI swap |
$ 10 billion |
|
October 19 , 2011 |
Noda Yoshihiko Swap started |
$ 40 billion |
|
October 19 , 2012 |
"Yoshihiko Noda Swap" end |
$ 10 billion |
|
February 16 , 2015 |
CMI swap expired |
0 |
(Source:Created by the author from the Bank of Japan, the Ministry of Finance, the National Diet Library Archive, etc.)
(Note that the BOJ and the Ministry of Finance have partially deleted past data and the NDL archive is incomplete, so it may be incorrect.)
Chart5
Japanese cross currency swaps that existed in the past
|
Time |
Overview |
Japan → Korea upper limit |
|
May 27 , 2005 |
Cross currency swap started |
$ 3 billion |
|
December 12 , 2008 |
Swap increase after Lehman shock |
$ 20 billion |
|
April 30 , 2010 |
Lehman shock increase measures end |
$ 3 billion |
|
October 19 , 2011 |
Noda Yoshihiko Swap started |
$ 30 billion |
|
October 31 , 2012 |
"Yoshihiko Noda Swap" end |
$ 3 billion |
|
July 3, 2013 |
End of Cross Currency swap |
0 |
(Source:Created by the author from the Bank of Japan, the Ministry of Finance, the National Diet Library Archive, etc.)
(Note that the BOJ and the Ministry of Finance have partially deleted past data and the NDL archive is incomplete, so it may be incorrect.)
For example, in the financial crisis triggered by the bankruptcy of Lehman Brothers in 2008 , in December of that year, Japan raised its swap line for South Korea from $ 3 billion to $ 20 billion. Here is a statement from a South Korean government official.
【WhenKoreaToughJapanSlowestForeignCurrencyLender1
"Japan is the last country in the United States, China and Japan to offer foreign currency in the toughest times."
尹増鉉（Yoon Jeung-hyun,윤증현）Secretary of Planning and Finance, pointed out in an interview with the Nihon Keizai Newspaper, one of Japan's leading economic newspapers, on June 6, saying, "The world's second largest economy. I feel like Japan is regrettable, Japan grudges every small sum he, despite being a great country. ''
<< … Read more >>
――― July 07 , 2009 08:07中央日報(JoongAng Ilbo) Japanese version
I feel sad.
(So-called Noda Swap, of which $ 3 billion to $ 30 billion, and $ 10 billion to $ 40 billion)
As a result, despite the turmoil of the European debt crisis at that time , the Korean won did not have to crash .
So, since the signing of the $ 70 billion Noda Swap, has South Korea thanked Japan at least in a single word?They are total completely different
This is because the Korean side has committed the following illegal activities to Japan.
(※ titles omitted in the text)
1. December 14 ...
A so-called 「慰安婦 (위안부,Comfort woman = Sex Slaves = Prostitute)statue」 is set up on a public road in front of the Japanese embassy in Seoul
(* The Korean government has ignored this request since the Japanese government has requested removal.)
2. December 18 ...
李明博(Lee Myung-bak,이명박）at the Japan-South Korea Summit in Kyoto, suddenly steams up 野田佳彦(Noda Yoshihiko) on the issue of Comfort woman = Sex Slaves = Prostitute.
3. August 10 ...
李明博(Lee Myung-bak,이명박）Illegal landing on Takeshima, Shimane Prefecture, a territory inherent to Japan
4. August 14 ...
李明博(Lee Myung-bak,이명박）insults 天皇陛下（His Majesty the Emperor） (* Current 上皇陛下(The Emperor Emeritus)) Make a statement
"If the 日王（Japan King）wants to visit Korea , come to apologize to the victims of the independence movement. "
It's a sad story that you can't be grateful for signing a swap.
By the way, it should be noted that the Korean government has been working on the ridiculous rude of sending back an autograph letter sent by former Prime Minister Noda in registered mail.
" South Korea mails registered letter of Prime Minister Noda by registered mail.
(From the Nikkei electronic edition on 2012/8/2320: 27 )
Treasury's awkward logic
With that in mind, let's take a look at 山崎達雄(Tatsuo Yamazaki), the then Director of the Ministry of Finance and the International Bureau of the Ministry of Finance, at the time about the measures to significantly increase the Japanese-Korean Cross Currency swap to $ 70 billion.
Comment from Yamazaki witness
(* Numbers are attached for convenience)
(1) Regional financial cooperation, including Japan-Korea Currency (Cross Currency) swaps, has advantages not only for the partner country (Korea) but also for Japan through the stability of the financial markets, including the foreign exchange market.
(2) Given the trade and investment relationship between Japan and South Korea, and in particular, the fact that many Japanese companies have also entered and are operating in South Korea, economic stability in that country has advantages for both, On the other hand, there is also the aspect of stabilizing the currency won
(3) At the time, the Ministry of Finance increased the size of Japan-Korean Cross Currency swaps not only for Korea, but for Japan and eventually for economic stability in the Asian region .
Regarding ① and ③, there is not much difference from the statement of Prime Minister Aso.
The Ministry of Finance at that time expected that if Japan provided currency swaps and the financial and exchange markets in Korea would stabilize , the economy in the entire Asian region would stabilize .
If the relationship between Japan and Korea was not as bad as it was now, this "quibble" might have been persuasive.
However, for (2), it is necessary to say that "Looks good on paper," which clearly does not look at figures (see Charts 2 and 3 above).
Moreover, unfortunately for us, South Korea is not a country that gives thanks for its support, nor is it a country where anti-Japanese sentiment disappears .