Japan says it, India close to deciding dollar swap pact

Mon Dec 26, 2011 8:37pm EST
 
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TOKYO (Reuters) - Japan and India are in the final stages of deciding on a dollar swap agreement and expect to reach agreement during Japanese Prime Minister Yoshihiko Noda's visit to India this week, Japan's finance minister said on Tuesday.

An earlier $3 billion arrangement came into force in 2008 but expired in June. The Nikkei business newspaper reported on Sunday that the new one would be set at $10 billion.

Further financial cooperation as well as Japanese support for infrastructure in India will be a key focus at talks between the leaders of the two countries, Finance Minister Jun Azumi told a news conference.

Azumi also said he expects Japan's exports will pick up early next year if the European economy stabilizes and currency levels reflect Japan's economic fundamentals.

(Reporting by Kaori Kaneko; Editing by Edwina Gibbs)