South Korea and Japan have decided not to extend the soon-to-be-expired won-yen swap facility worth $3 billion in currency, officials said Monday.

Korea's central bank said that it and its counterpart in Japan have reached a decision to end the bilateral swap line, which is due to expire on July 3.

South Korea and Japan signed a swap deal worth $13 billion in 2008 to better prepare for the global financial crisis. They expanded the swap line temporarily to $70 billion in 2011. Under the deal, Seoul is able to exchange its own currency with safer assets such as the dollar and the yen. (Yonhap News)