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.