After China; Japan seems to be making efforts to reduce its dependence on the US Dollar and promote trade in its own currency.
Japan will establish a scheme to supply up to about 6 trillion yen ($61.54 billion) to Asian nations in the event of a financial crisis, Finance Mininster Kaoru Yosano said on Sunday.
The yen swap plan will be in addition to Japan’s $38.4 billion contribution to a $120 billion regional liquidity fund.
Both measures are aimed at supporting the region’s economies in a crisis, Yosano told reporters on the sidelines of the Asian Development Bank’s annual meeting in Indonesia.
“This brings our contribution to supporting regional liquidity to about $100 billion,” Yosano said.
Japan hopes the yen scheme will also promote the use of the currency in the region, business daily Nikkei reported.