Bangko Sentral ng Pilipinas Governor Benjamin Diokno (right) and Japanese Finance Minister Taro Aso (left) sign Friday a letter of intent signifying the mutual interest of the Philippine central bank and the Japanese ministry to explore the establishment of a Japanese Yen-Philippine Peso Direct Trading Framework. Under the envisioned trading framework, the yen can be directly priced against the peso and vice versa, reducing foreign exchange risks and encouraging wider use of both currencies. In the middle is Finance Secretary Carlos Dominguez III.
