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Japan to increase YEN's status with direct currency trading

Tuesday 13 June 2017 | 12:42 PM CET

Japan’s Finance Ministry has announced plans to launch direct currency trading with regional players to encourage businesses to use YEN.

The Finance Ministry has announced plans to collaborate with Thailand on this topic, due to the significant demand for direct YEN-to-THB exchanges. 48% of bilateral trade is settled in the YEN or THB, compared to 51% on the USD. The most important matter is to ensure liquidity in the market so that those who want to buy the THB can quickly find a seller, and vice versa. Japan will urge Thailand to raise the amount of THB nonresidents can possess, which is currently capped at 300 million THB (USD 8.8 million).

Moreover, the Japanese ministry will consider issuing Asian-currency bonds in Tokyo in an effort to boost their liquidity, and call on the Japanese Bankers Association to extend its YEN-clearing system to Japanese bank operations in Asia.

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