Toyoo Gyohten, former vice finance minister for international affairs, says Prime Minister Yukio Hatoyama's proposals to create a unified Asian currency and build an East Asia Community are "meaningful" because the region needs to be more independent on financial matters.
The proposals have created momentum "toward an agreement as a policy goal in the region," said Gyohten, who will shortly become special adviser on currency policy to the Finance Ministry.
By using the proposals as a driving force, the region should strive to become less dependent on the U.S. and European economies in terms of financial matters, he said.