Japan should take political initiatives to achieve an Asian monetary unification in the 2030s that supplements, if not replaces, the current fragile international economic and financial system, a semigovernmental think tank said in a report released Monday.

The U.S. alone can no longer resolve the current global economic crisis. Creation of an open, multilayered international economic and financial system is vital to ensure stable, sustainable development of the world economy, the report by the Institute for International Policy Studies says.

Several former ranking officials of the Finance Ministry and the Bank of Japan took part in the newly created IIPS policy study group's discussions in their personal capacities and issued a plan for reconstructing the Bretton-Woods system, the U.S.-led postwar international financial and currency setup.