Thursday, December 30, 2010
No Affect from Aso’s Proposal
Before the G20 Washington meeting held on November 15, 2008, Aso Taro made a proposal to deal with the financial crisis. Under this proposal, Japan would provide up to $100 billion to the IMF to strengthen the looming financial crisis. Unfortunately, the global financial markets responded to the proposal for only about 2 minutes before it was all but forgotten. During the APEC (Asian-Pacific Economic Cooperation) meeting, Aso tried to persuade the Chinese President Hu Jintao to join his plan. Hu, however, declined to make any specific comment on the request. Aso did not get it. Right now, world leaders are looking for China’s action, not Japan’s. Currently China is more important position politically and economically than Japan, prior the Wall Street meltdown.