ASEM eyes for single currency

ASEM eyes for single currency

TOKYO (AFP): Asian and European nations will set up a joint task force to examine ways to create an economic zone in East Asia under a euro-like single currency, according to a report Friday.

Japan, China, South Korea, the Association of Southeast Asian Nations (ASEAN) and the European Union (EU) will join the grouping, the Asahi Shimbun newspaper said.

The task force, being pushed by Japan, will discuss how to promote economic integration in Asia and aims to map out schemes to standardize financial systems, foreign exchanges and trade, the daily said.

It also hopes to create a regional economic zone under a common currency, the daily said.

Finance ministers from the Asia-Europe Meeting (ASEM) will formally announce the task force when they gather in Kobe, western Japan, in January, the Asahi said.

The body is likely to be created by the end of next year, it said.