Japan ready to extend monetary support to IMF
Calling for a greater role of the IMF to tide over the credit turmoil, Japan today said the country is ready to offer financial support to the multilateral funding agency.
By PTI |
NEW YORK: Calling for a greater role of the International Monetary Fund to tide over the credit turmoil, Japan today said the country is ready to offer financial support to the multilateral funding agency to stabilise world markets.
"We expect the IMF to play a key role flexibly and actively to cope with the current crisis, and Japan stands ready to supplement needed funds if the IMF requires additional resources," Japanese Finance Minister Shoichi Nakagawa said in a statement.
The minister has emphasised that capital injection into financial institutions by utilising public fund is the most important measure among the policy packages for avoiding the materialisation of systemic risk.
In addition, the Japanese finance ministry would issue 30-year Japan government bonds (JGB) with an offering amount about 600 billion yen. The issue date for the bonds is October 24 and the maturity date is September 20, 2038.
At the recent meeting of the G-7 finance ministers and the central banks governors, Japan had agreed to take decisive action and use all available tools for stabilising the financial markets and adopt plan of action consisting of five items, the statement said.
According to Nakagawa, necessary measures would be taken promptly, including relaxing the restrictions on corporations' purchase of own stocks, from the standpoint of stabilising the markets.
"We expect the IMF to play a key role flexibly and actively to cope with the current crisis, and Japan stands ready to supplement needed funds if the IMF requires additional resources," Japanese Finance Minister Shoichi Nakagawa said in a statement.
The minister has emphasised that capital injection into financial institutions by utilising public fund is the most important measure among the policy packages for avoiding the materialisation of systemic risk.
In addition, the Japanese finance ministry would issue 30-year Japan government bonds (JGB) with an offering amount about 600 billion yen. The issue date for the bonds is October 24 and the maturity date is September 20, 2038.
At the recent meeting of the G-7 finance ministers and the central banks governors, Japan had agreed to take decisive action and use all available tools for stabilising the financial markets and adopt plan of action consisting of five items, the statement said.
According to Nakagawa, necessary measures would be taken promptly, including relaxing the restrictions on corporations' purchase of own stocks, from the standpoint of stabilising the markets.
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