India and Japan on Monday signed a record 32 agreements, MoUs and treaties covering defence cooperation, health, digital and new technologies, academic exchanges, sports and other areas soon after Prime Minister Narendra Modi and his Japanese counterpart Shinzo Abe held delegation-level talks in Tokyo.

PM Modi, who held a series of meetings with top Japanese leaders and addressed the Indian community, hailed India's "tremendous progress" in the digital infrastructure. "1 GB is cheaper than a small bottle of cold drink. This data is becoming the tool for service delivery," he said in a statement. He also lauded the Indian diaspora for introducing Kabaddi and Cricket in Japan.

However, the highpoint of PM's visit was conclusion of the Bilateral Currency Swap Agreement worth $75 billion and Tokyo calling on Pakistan to bring to justice the perpetrators of the Mumbai and Pathankot terror attacks.

Sources said the currency swap arrangement would bring greater stability to foreign exchange and capital markets in India.

"This facility will not only enable the agreed amount of capital being available to India on tap, it would also help bring down the cost of capital for Indian entities while accessing foreign capital market," said an official source.

Modi and Abe also focused on shared vision for peace and prosperity in the Indo-Pacific, where China is flexing its muscles. China claims almost all of the South China Sea and also laid claims on the Senkaku islands under the control of Japan in the East China Sea. Chinese ships routinely patrol around the Senkaku Islands.

"The two leaders' vision for the Indo-Pacific is based on a rules-based order that respects sovereignty and territorial integrity of nations, ensures freedom of navigation and overflight as well as unimpeded lawful commerce, and seeks peaceful resolution of disputes...without resorting to threat or use of force," said the two nations in a joint statement.

The PMs also agreed to initiate a 2+2 dialogue involving foreign and defence ministers. Both sides decided to promote bilateral partnership in Indian traditional medicinal systems such as Ayurveda and Yoga under the rubric of healthcare and wellness.