Japan, India leaders agree to step up defense, economic ties

Dollar demise? China & Japan ink bilateral currency swap deal worth up to $30bn

Dollar demise? China & Japan ink bilateral currency swap deal worth up to $30bn

US President Donald Trump's policies, which have targeted mostly China with tariffs, but also Japan and other nations, accusing them of unfair trade practices, are working to prod India and Japan to promote their economic ties.

Regarding India as the most important partner for his free and open Indo-Pacific strategy, Abe hopes to confirm with Modi the promotion of the two countries' defense cooperation, informed sources said.

The invitation was seen as Abe's response to the welcome he received from Modi's hometown in Gujarat a year ago. The Indian prime minister later took an express train to Tokyo and also visited Japan's largest facility for building industrial robots.

Besides bilateral issues, the two leaders are expected to deliberate on a range of regional and global issues including the situation in the Indo-Pacific region.

"The India-Japan partnership has been fundamentally transformed and it has been strengthened as a special strategic and global partnership", Modi told Kyodo news agency.

The two nations also signed a $75 billion currency swap agreement, which the Finance Ministry said was aimed at improving confidence in the foreign exchange and capital markets.

At 6:00 PM, the Prime Minister is scheduled to arrive at the office of his Japanese counterpart and hold delegation level talks. PM Modi will be visiting the robotics and automation firm FANUC in Yamanashi.

Following the talks, agreements were signed on cooperation between the naval forces of the two countries, healthcare, digital and new technologies, and food processing.

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"Make in India has emerged as global brand today".

Ahead of the Men's Hockey World Cup 2018, Prime Minister Narendra Modi on Sunday wished success for the mega hockey event to be held in Odisha in November.

Abe and Modi will hold a more formal summit Monday in Tokyo.

"Just as how lamps light up the dark during Diwali wherever you are, you are spreading the light of India to every corner of the world and Japan and making the country proud".

Describing Japan as the confluence of the best aspects of eastern and western civilisations, PM Modi said that the country has taught that the path to the development of mankind is not a conflict between the ancient and the new, but its co-existence and creation.

Concerns about China's expanding influence on the regional economy and US trade policy are also bringing Japan and India closer in their economic ties.

The Japanese PM said on Twitter that the opportunity allowed him to talk frankly about India-Japan relations in a relaxed atmosphere.

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