Finance Ministers and Yen Funds

yen: Facilitating the funding of yen in ASEAN will contribute to further regional financial stability, the statement said, according to The Japan Times. The finance ministers and central bankers agreed to strengthen both economic and financial cooperation. The proposal made during a session between the Japanese and ASEAN finance leaders at the Asian Development Bank's 50th annual meeting in Yokohama also includes provisions that allow countries to withdraw yen funds under existing bilateral currency swap agreements, a joint statement released after the gathering said. Separately, Japan signed a bilateral currency swap agreement with Thailand and reached a basic agreement to ink a similar pact with Malaysia. Some ASEAN countries also favor reducing their dependence on the U.S. dollar and are seeking to diversify their options with currencies such as the yen and China's yuan. The efforts to enhance the safety net in response to potential currency crises come two decades after a sharp sell-off in the Thai baht triggered the 1997 Asian financial crisis. (news.financializer.com). As reported in the news.