I've just started learning about forex trading.
Forex brokers in Japan offer a system called "Swap Point".
In my understanding, this value is determined based on the difference between the interest rates of two currencies. For instance, in AUD/JPY trading, the interest rate in Australia is higher, so the "Swap Point" for buying is positive. This means that when you keep your AUD/JPY buy position longer than a day, you earn the amount of money specified by "Swap Point" per night. If this is a sell position or JPY/AUD, instead, the "Swap Point" works against you and the money will be taken away from your account.
If you choose your position in the right way, the longer you keep the position, the more money will be paid into your account, although the amount is usually much smaller than the profit earned by the currency differences.
Here's an example of IG's page about "Swap Point" in Japanese.
However, I've been struggling to find information about the same concept in English. For instance, IG doesn't have an equivalent page on their web site.
https://www.ig.com/uk/forex/swap-point (doesn't exist)
https://www.ig.com/us/forex/swap-point (doesn't exist)
There is a Wikipedia page about Currency Swap (https://en.wikipedia.org/wiki/Currency_swap), but the description doesn't seem talking about what I described above (I'm not sure).
Does the "Swap Point" only exist in the Forex trading in Japan? Does it exist in the UK? If it does, what is it called? Where can I find the information?