Japan: Hey, Can We Bail You People Out, Too?

A number of Japanese politicians, including finance minister Bunmei Ibuki, are expressing support for an international  rescue fund, financed in part by Japanese forex reserves, that would buy up risky assets poisoning the global financial system. FT:

“It is hypothetical, but not impossible,” that Japan might contribute to a global fund to take up toxic assets on banks’ balance sheets that are creating turmoil in the global financial system, Bunmei Ibuki, finance minister, said yesterday.

Responding to a question in the Upper House of the Diet, Mr Ibuki said that it would be one possibility for Japan to provide funds to an international body that would play such a role.

Other members of Japan’s ruling Liberal Democratic party also expressed support for the idea of contributing funds to shore up the US banking system.

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