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01/04/2009

In a pre-summit interview with the Financial Times,  Japan's PM Taro Aso has stressed that Japan is ready to take the lead in global efforts to respond to the economic crisis.  He set out his plan to pledge an additional $22bn to support trade finance, an offer of Y500bn ($5.1bn) in additional development assistance for Asia, a strengthening of the IMF, a new Japanese fiscal stimulus, a commitment to free trade and stronger oversight of financial markets.

31/03/2009

In a press conference, Taro Aso set out plans to formulate a new economic stimulus package to respond to the continued crisis.  Aso reaffirmed his intention to exert Japanese leadership at the London Summit in order to achieve concrete results.

30/03/2009

In an editorial, the Nikkei newspaper argue that the primary task of leaders at the London Summit is to restore confidence in the global economy.  It emphasises the need to employ fiscal expansion, address financial weakness and kick-start lending, expand resources for the IMF, reform financial regulation and renounce protectionism.

09/03/2009

The Nippon Keidanren (Japan's Business Federation) announced its 'proposal for free trade and economy to restore market confidence' to protest against protectionism. 'Nippon Keidanren believes that national leaders must back their strong commitment to rejecting all protectionist measures by agreeing to unified multilateral actions at the G20 London Summit.' It urges the world not to raise the current tariff rates and to avoid measures and regulations that limit new trade and investment opportunities.

26/02/2009

Nikkei Net Interactive highlights the warning by WTO Director-General, Pascal Lamy, that Japan could be a particularly vulnerable if there was a growth in protectionist measures. Lamy welcomed Japan's anti-protectionist stance and global monitoring but also noted that Japan had defensive interests in agriculture and fisheries and advised them they should be opened up further.

16/02/2009

Japan has announced a $1bn initiative with the Asian Development Bank and International Finance Corporation (IFC), to help exporters and importers in developing countries to continue trading during the economic crisis.

15/02/09

An agreement for Japan to lend $100bn to the IMF, first proposed at the Washington Summit in November, was signed in Rome ahead of the G7 meeting. Dominique Strauss-Kahn, Managing Director of the IMF, described the loan as the 'biggest loan ever in the history of mankind.'  - Japan Times

11/02/09

Japan's Finance Minister, Shoichi Nakagawa, said the world had 'learnt from the Great Depression that it would lead to disaster if a law similar to the Smoot-Hawley Tariff Act comes up.'

He added that he believed the Buy American provisions in the US stimulus bill 'represent protectionism' and he hoped Friday's G7 Finance Ministers and Central Bank Governors meeting in Rome would discuss this point - Japan Times.

02/02/09

The Japan Bank for International Cooperation (JBIC) has agreed a $2bn contribution to an International Finance Corporation (IFC) bank recapitalisation fund.  The IFC is part of the World Bank Group, which provides investments and advisory services to build the private sector in developing countries.

Japan

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