Japan, ASEAN countries mull ways to counter financial crises

Andrew Cummings
May 5, 2017

Following a trilateral meeting of their finance ministers and central bank governors' in Japan on Friday, they agreed trade is an important engine of growth and development which leads to productivity and job creation.

Economic leaders from Korea, Japan and China met in Yokohama Friday, and jointly vowed to "resist all forms of protectionism".

The ASEAN+3 meeting was held on the sidelines of Asian Development Bank's (ADB) annual gathering.

However, he said Xiao should be able to join a bilateral Japan-China finance dialogue scheduled for Saturday, in which the two sides are expected to discuss their economic cooperation.

The South Korean delegation was represented by Deputy Prime Minister and Finance Minister Yoo Il-ho.

In March, finance chiefs of the Group of 20 advanced and emerging economies backpedaled on a pledge to resist protectionism, apparently reflecting the influence of the Trump administration.

The collective decision by three Northeast Asian powers assumes much significance in the wake of Trump's calls to put America's interest first and pull out of multilateral trade agreements.

He also told reporters that the global community should work to maintain free trade. One of the most important topics of the meeting was global trade.

The talks came amid escalating tensions in North Korea, which moderated some of the optimism policymakers held over Asian's economic outlook.

YOKOHAMA, Japan (Reuters) - Japan's Ministry of Finance on Friday proposed launching bilateral foreign exchange swap arrangements of up to 40 billion dollars with Southeast Asian nations to enable Tokyo to provide yen funds to these countries during times of financial crisis.

To achieve economic stability and growth in the region, Japan, China and South Korea agreed that they will use "all necessary policy tools", including fiscal and monetary policies, and will promote structural reforms.

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