CurrenciesSystem would allow for cheaper, faster and non-dollar cross-border paymentsJapan and India are moving toward a dollar-free settlement system for yen-rupee transactions.JO ISHIBUCHIJune 30, 2026 18:37 JSTTOKYO -- Japan and India will consider launching a local-currency settlement scheme that would enable direct yen-rupee transactions, bypassing the U.S. dollar, Nikkei has learned. The initiative is expected to reduce companies' foreign-exchange and remittance costs.
Japan and India to take step toward direct yen-rupee settlements
System would allow for cheaper, faster and non-dollar cross-border payments
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