ASEAN, Japan propose reform initiative

ASEAN, Japan propose reform initiative

NEW YORK (Dow Jones): Foreign ministers of the Association of
Southeast Asian Nations (ASEAN) proposed Friday that ASEAN and
Japan jointly formulate a program to improve the international
financial system, Japanese officials told the Kyodo news service.

The ministers from the ASEAN nations excluding Indonesia and
Brunei made the proposal during a breakfast meeting with Japanese
Foreign Minister Masahiko Komura in New York, the officials said.

The ASEAN ministers underscored a need for Japan and the ASEAN
countries to forge a common policy on the world's financial
system ahead of a series of international financial conferences
starting next week in Washington, the officials were quoted as
saying.

The International Monetary Fund and the World Bank will hold a
series of conferences in early October.

The ASEAN ministers asked Japan to continue providing
financial assistance to struggling Asian economies, the officials
added.

The ministers also said Japan should make further efforts to
shore up its faltering economy, adding Japan has an important
role for the recovery of ailing Asian countries.

Komura explained to them a set of stimulus measures the
Japanese government has taken, including tax cuts.
Komura met with the ASEAN ministers on the sidelines of the U.N.
General Assembly.