Indian and Japan signed a $75 billion bilateral currency swap agreement during the first day of Prime Minister Narendra Modi’s visit to Tokyo.

During the trip Modi also announced that Japan and India had agreed a new programme aimed at deepening ties between both defence ministries  reports Bloomberg News.

“The aim of this is to further work towards world peace & stability,” said Modi

In a statement released after the currency deals, India said the agreement would help bring greater stability to foreign exchange and capital markets in India.

Modi was in Tokyo on a two day visit as part of the 13th ‘India-Japan Annual Summit’.

A total of 32 documents were announced and exchanged between Japanese Prime minster Shinzo Abe and Modi, said India’s Minister of External Affairs Raveesh Kumar.

Addressing the short summit Mr Modi said,

“India is going through a massive transformative phase today. The world is appreciating India for its services towards humanity. The policies being made in India, the work being done towards public welfare, for these the nation is being felicitated. We both agree that from digital partnership to cyberspace, health, defence, ocean to space, in every field we will strengthen our partnership. I have been told that today Japan investors have announced that they will invest 2.5 billion US dollars in India. The 21st century cannot be the century of Asia if India and Japan don't cooperate”