Central bank governors from 11 Asia-Pacific economies urged Japanese authorities Tuesday to take decisive measures against the nation's current economic and financial difficulties.
The Executives' Meeting of Asia and Pacific Central Banks convened the same day at the Bank of Japan headquarters in Tokyo, following Monday's monthly meeting of the Bank for International Settlements. The governors reviewed the current condition of their economies, which were rocked by financial crisis in the region last year, according to officials at the BOJ.
It was the third EMEAP conference, following one in Tokyo in 1996 and in Shanghai in 1997. The group's members are Japan, South Korea, China, Hong Kong, Australia, New Zealand, Indonesia, Malaysia, the Philippines, Singapore and Thailand.
The BOJ also proposed a new facility for yen liquidity, in which the BOJ purchases Japanese government bonds and bills from other central banks and monetary authorities at their request. This proposal to promote easier use of the yen in Asia was welcomed by the participants, the BOJ said. The next meeting for the EMEAP will be held in Hong Kong in July 1999, Anzai said.