Japan, India will Swap $6 billion in Currency

In an attempt to avert a financial crisis, Japan and India agreed to swap $6 billion in currency this spring.

The Bank of Japan and Reserve Bank of India will work together to contribute up to $3 billion each to:

1. keep the yen and rupee from plunging in value

2. ward off speculative attacks

Tokyo has struck similar deals with:

1. China,

2. South Korea

3. The 10 members of Association of Southeast Asian Nations (ASEAN).

Nobody wants a repeat of the 1997-98 financial crisis.

Do you ever speculate in currency exchange? 

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