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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's Aso backs dollar-centered currency system AFP - Sunday, November 16 WASHINGTON (AFP) - - Japanese Prime Minister Taro Aso on Saturday voiced his support for the dollar-centered currency system despite growing concern about the troubled global financial mechanism. "We should firmly maintain the dollar-centered currency system," Aso was quoted by a Japanese government official as telling a global summit on the world financial crisis. "There is a voice questioning if it's stable for the US dollar of the world's largest debt country to continue to be a key currency," Aso said. "But our prime minister stressed that no currency but the dollar can be used as a key currency," the government official told reporters. Later in the day, Aso urged the United States to make an effort to reduce its mounting debts, while calling on states reliant on exports, including Japan, to lower their dependence on foreign demand. "It is necessary for the country of a key currency to reverse its chronic state of deficit, and those which heavily rely on foreign demand should try to expand domestic demand," Aso said. "With such coordination in policies by all the countries, we should make an effort to support the dollar-centered currency system," he added. Ahead of the summit, French President Nicolas Sarkozy said the US dollar can no longer claim to be the sole world currency, saying: "We cannot continue into the 21st century with a system (established) in the 20th century." Since the end of World War II, the US dollar has effectively been the world's reserve currency, used across the board and thereby giving the United States immense influence in the global economic system. But the foreign exchange market has run into turbulence, reflecting recent volatility in global stocks, fuelled by fears of a credit crunch around the world. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Japan to seek to take lead in creating new financial order: AsoAFP - Sunday, November 16 Japan's Aso backs dollar-centered currency systemAFP - Sunday, November 16 World leaders agree action plan for reform, global growthAFP - Sunday, November 16 UAW leader says blame economy for Detroit 3 woesAP - Sunday, November 16 Related Articles: Business Pakistan cuts petrol, diesel prices from SundayReuters - 1 hour 18 minutes ago Singapore's budget to be presented in Jan -reportReuters - 2 hours 25 minutes ago World leaders at economic summit vow to cooperateAP - 2 hours 54 minutes ago Japan to seek to take lead in creating new financial order: AsoAFP - Sunday, November 16 Japan's Aso backs dollar-centered currency systemAFP - Sunday, November 16 Enlarge Photo Japan's Aso backs dollar-centered currency system Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed US space-funeral company plans to launch lunar cemetery Obama thinking big, despite crisis Bin Laden is isolated, focused on his own security: CIA Earth would be heading to a freeze without CO2 emissions Ancient 4,300-year-old pyramid discovered in Egypt View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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