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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Japan offers 38.4 bln dlrs to Asian pool: minister AFP - 2 hours 32 minutes ago NUSA DUA, Indonesia (AFP) - - Japan will contribute 38.4 billion dollars to an Asian emergency currency pool to bolster state finances amid the global economic slump, Finance and Economy Minister Kaoru Yosano said. ADVERTISEMENT He made the announcement after meeting the finance ministers of China and South Korea on the Indonesian island of Bali, where the Asian Development Bank is holding its annual governors' meeting. The pool known as the Chiang Mai Initiative aims to create a network of bilateral swap arrangements among the countries of the Association of Southeast Asian Nations (ASEAN) as well as China, Japan and South Korea, or ASEAN+3. Yosano said China would also offer 38.4 billion dollars to the initiative, of which the "basic idea is that Japan, China and Korea cooperate to provide support to ASEAN nations." The ASEAN+3 nations have decided that ASEAN's 10 member states would contribute 20 percent to the initiative worth 120 billion dollars while Japan, China and South Korea would supply the rest. Yosano also said the three countries had agreed to accelerate discussion of setting up a surveillance unit to monitor functioning of the pooled swap agreements. The pool can be called upon to ease liquidity trouble as it boosts the amount of foreign currency that regional banks can access while helping companies that use currencies like the yuan when trading. Yosano called for strengthening cooperation within Asia to tackle the severe second-round effects of the global financial crisis, which has hit regional exports to markets like the European Union and the United States. He said the region had to restructure its economies to "focus on domestic demand" as export-driven growth stalls or goes into reverse. -- Dow Jones Newswires contributed to this story -- Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Australian treasurer warns of 'unpopular' budgetAFP - 1 hour 21 minutes ago Asia must retool to boost domestic demand: ADBAFP - 1 hour 39 minutes ago Japan offers 38.4 bln dlrs to Asian pool: ministerAFP - 2 hours 36 minutes ago WRAPUP 1-Key Asian nations finalise details on crisis fundsReuters - 2 hours 41 minutes ago Related Articles: Business Australian treasurer warns of 'unpopular' budgetAFP - 1 hour 21 minutes ago Asia must retool to boost domestic demand: ADBAFP - 1 hour 39 minutes ago Asia needs to develop bond markets -ADB headReuters - 1 hour 43 minutes ago US-BUSINESS SummaryReuters - 1 hour 59 minutes ago Asian nations finalize $120 billion crisis fundsReuters - 2 hours 4 minutes ago Enlarge Photo Japan offers 38.4 bln dlrs to Asian pool: minister Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Chrysler begins court bid for quick bankruptcy exit Citigroup may need $10 bln more: report Kenyan women to sex-starve men -- for politics Swine flu spreads economic shivers Google fields low-tech wildfire prevention: goats View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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