The Bank of Japan (BOJ) and the Monetary Authority of Singapore (MAS) have renewed the existing bilateral swap arrangement between the two countries.

Under the arrangement, authorities in Japan and Singapore can swap their local currencies in exchange for US dollars from each other in times of need, while also enabling Singapore to obtain Japanese yen to meet possible liquidity needs.

The size of the arrangement remains the same, with Singapore eligible to swap Singapore dollars for up to US$3 billion ($4 billion) or its equivalent in Japanese yen from Japan, while Japan can swap Japanese yen for up to US$1 billion from Singapore.

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