Japan has concluded the Bilateral Swap Arrangements (BSAs) under the Chiang Mai Initiative (CMI) with the following countries:
(1)Korea
Japan and Korea concluded a one-way BSA between US dollar and won up to US$ 2 billion on July 4, 2001. Following the ASEAN+3 Finance Ministers agreement in May 2005 to enhance the CMI's effectiveness, Japan and Korea replaced the existing BSA with a new two-way BSA (a) between US dollar and Korean won up to US$ 10 billion from Japan to Korea and (b) between US dollar and yen up to US$ 5 billion from Korea to Japan, on February 24, 2006. In addition, Japan and Korea concluded a two-way BSA between yen and won up to the equivalent amount of US$ 3 billion on May 27, 2005. Japan and Korea agreed to increase in the maximum amount of existing BSA between yen and won from US$ 3 billion equivalent to US$ 20 billion until the end of April 2009, on December 12, 2008. Japan and Korea agreed to extend the measure to increase the maximum amount of a two-way BSA between yen and won until October 30, 2009, on March 31, 2009.
(2)Thailand
Japan and Thailand concluded a one-way BSA between US dollar and baht up to US$ 3 billion on July 30, 2001. Japan and Thailand concluded a new two-way BSA between (a) US dollar and baht and (b) US dollar and yen, up to US$3 billion on March 7, 2005.The two countries agreed to reach the third BSA (two-way) between (a) US dollar and baht, up to US$ 6 billion from Japan to Thailand and (b) US dollar and yen, up to US$ 3 billion from Thailand to Japan, on July 10, 2007.
(3)The Philippines
Japan and the Philippines concluded a one-way BSA between US dollar and peso up to US$ 3 billion on August 27, 2001. Following the ASEAN+3 Finance Ministers agreement in May 2005 to enhance the CMI's effectiveness, Japan and the Philippines concluded a new two-way BSA (a) between US dollar and peso up to US$ 6 billion from Japan to the Philippines and (b) between US dollar and yen up to US$ 500 million from the Philippines to Japan, on May 4, 2006.
(4)Malaysia
Japan and Malaysia concluded a one-way BSA between US dollar and ringgit up to US$ 1 billion on October 5, 2001. (In addition, with Malaysia, Japan has a one-way BSA between US dollar and ringgit up to US$ 2.5 billion under the New Miyazawa Initiative.)
(5)China
Japan and China concluded a two-way BSA between yen and renminbi up to the equivalent amount of US$ 3 billion on March 28, 2002.
(6)Indonesia
Japan and Indonesia concluded a one-way BSA between US dollar and rupiah up to US$ 3 billion on February 17, 2003. Following the ASEAN+3 Finance Ministers agreement in May 2005 to enhance the CMI's effectiveness , Japan and Indonesia replaced the existing BSA with a new one-way BSA between US dollar and rupiah up to US$ 6 billion on August 31, 2005. Japan and Indonesia agreed to increase in the maximum amount of existing BSA from US$6 billion to US$12 billion available for Indonesia on February 21, 2009. Under this agreement Japan and Indonesia signed the agreement on an increase on April 6.
(7)Singapore
Japan and Singapore concluded a one-way BSA between US dollar and Singapore dollar up to US$ 1 billion on November 10, 2003. Following the ASEAN+3 Finance Ministers agreement in May 2005 to enhance the CMI's effectiveness, Japan and Singapore replaced the existing BSA with a new two-way BSA (a) between US dollar and Singapore dollar up to US$ 3 billion from Japan to Singapore and (b) between US dollar and yen up to US$ 1 billion from Singapore to Japan, on November 8, 2005.