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 보면1Prime Minister Aso "Country where the story does not communicate"
Aside from these treacherous logics of the Ministry of Finance, one more thing I would like to introduce is the following statement by Prime Minister Taro Aso, Deputy Prime Minister and Minister of Finance.
The expansion of the Japanese-Korean Currency (Cross Currency) swap from $ 13 billion to $ 70 billion in October 2011 was triggered by the Korean government's request in response to the financial market turmoil caused by the European debt crisis. However, the increase was terminated in 2012 because it concluded that there was no need to extend the swap increase in both Japan and Korea.
First, he stated that the $ 70 billion Noda Swap was a measure taken at the request of the Korean side .
(* At this point, it does not seem to be delicately consistent with Mr. Yamazaki's view that "Japan-South Korea (Cross Currency) swaps have advantages for both Japan and Korea.")
In addition, he stated that the reason for the termination of the Noda Swap was “because the necessity of the swap increase measure has been eliminated” (such as the European debt crisis has reached its end). It's impossible to see that a number of rude acts, such as Takeshima landing, His Majesty the Emperor 's insult and return of the parent letter, had no effect.
However, the most interesting thing about Aso's remarks is the following "exposure of inner conditions."
1.The macroeconomic situation was sound when both Japan and South Korea concluded that there was no need to extend the Cross Currency swap increase measure, but Korea's foreign currency reserves were high during the 1997 Asian Currency Crisis. Has become extremely scarce, and a similar situation was occurring in 2008
2. In light of the structure of the Korean economy, which `` operates with short-term foreign currency borrowings, '' the Japanese side said, `` For the Korean economy, an agreement like a Japanese-Korean Currency (Cross Currency) swap as a safety valve is necessary. The complexity of the story is different at the administrative and political levels, such as the central bank and the Ministry of Planning and Finance.
3. Japan, in the first place, thinks that international finance should be taken to some extent in preparation for the situation in 1997 and 2008 , but the Korean side has taken steps such as the IMF and G20. However , the negotiations are difficult due to the extreme differences between those who can talk and those who do not , such as the Central Bank and the Planning and Finance Department.
In other words, from the standpoint of Japan, the financing structure of South Korea, which relies on unstable short-term borrowings rather than stable long-term borrowings, should not be jeopardized, At a politician level, you can understand at a level, but you can't understand.
What is decisive, then, is the following statement.
One of the reasons why the 3 billion dollar (Cross Currency) swap expired on July 3, 2013, was when the Japanese side asked, "Is it really OK?"
"The Korean side said," If the Japanese side asks me to borrow, I will It’s okay to borrow it. " To be told such as '',
The Japanese side has become the atmosphere of "It's none of my obligation business"
No wonder, that makes sense (laughs)
Lesson
By the way, the meaning of promoting cross currency swaps and foreign exchange swaps between Asian countries and other countries is as follows, even if they are conceived.
1. To stabilize the financial situation of Asian countries, support the economic growth of Asian countries , and eventually bring great benefits to Japan
2. Providing Asian countries with a safeguard on the currency, so that Japan can be grateful to Japan, so that the pro-Japan nation can spread throughout Asia.
3. Further advancement of the internationalization of the Japanese yen
In fact, Japan is also a "hard currency" in which its own currency is highly internationally accepted, and has a large amount of foreign currency reserves, mainly in the US dollar.
In light of these circumstances, it is worth promoting cross currency swaps with Asian countries and foreign exchange swaps.
(However, the Ministry of Finance is deceiving to reduce national debt and is pushing for a tax increase, so there is a problem that foreign currency reserves are too large compared to the actual amount needed.)
However, if Japan is worth promoting these swaps, at least
① Benefit for the Japanese economy and Japanese companies ,
② Japan's contribution is fairly evaluated by the partner country ,
Is required.
After offering the Korean Cross Currency Swap to South Korea, the Korean authorities would use the Japanese Cross Currency Swap as a " backstop '' to normalize foreign exchange intervention with confidence and consequently
whether reducing international competitiveness,
First of all, it is questionable whether there are any benefits for the Japanese economy and Japanese companies.
Also, if Japan has helped Korea in the past,
Korea resented and ondemned Japan for scolding him
He was remorseful that "the support was too slow", a strange statue was set up in front of the embassy, His Majesty the Emperor, which we Japanese respect, was insulted, and his letter was sent back by mail. The lesson that history tells us is that it is Seki-no-yama, that receives insults such as
Seki-no-yama
The limit that you can not do any more.
Well, or that's up to that estimate.
No matter how hard I try, I could only that.
The Government of Japan would like to make this decision when deciding whether or not to resume a Cross Currency swap with South Korea.
※ ※ ※ ※ ※ ※ ※
As for the question of whether to resume the Japanese-Korean Cross Currency swap, 鈴置高史（Takabu-mi Suzu-oki）, an excellent Korean observer representing Japan, mentioned earlier, The following article, contributed a few days ago to Daily Shincho, will be helpful.
『한국 외환 위기 미국의 도움도 불발로 일본에 스왑 요청
(From Daily Shincho on March 24, 2020 )
In this article, a link to this website is provided, so if this website introduces this article, there is a problem that it will be like "circular reference" (laugh), but just honestly This is an excellent article that should be read by all Japanese citizens.
If you haven't, please read it.
* That's it for the text .