Asia-Pacific finance chiefs vowed to work together to further local growth during the Asian Development Bank's annual meeting, but acute friction among the region's three largest economies — China, Japan and South Korea — cast a shadow over this ambition.
With no signs of its ties improving with Beijing and Seoul, Tokyo sought to use the ADB gathering, which wrapped up Sunday in New Delhi, to deepen relations with Southeast Asian economies, hoping to capitalize on their rapid growth and revitalize its own moribund economy.
Amid escalating political tensions in East Asia, China and South Korea elected against sending their finance ministers and central bank governors to an ASEAN Plus Three meeting Friday on the margins of the main conference. The forum comprises the 10 members of the Association of Southeast Asian Nations and Japan, China and South Korea.