Japan will contribute with 60,000 million to the expansion of additional resources requested by the International Monetary Fund (IMF) to contain the spread of the debt crisis in the eurozone, said the Japanese Finance Minister, Jun Azumi.
Azumi, who hopes other countries will follow the line from Japan, today confirmed the amount allocated to the fund and explained that involve the greatest contribution of all the countries outside Europe, according to Kyodo.
Japan’s response comes after the IMF, based in Washington, announced the need to collect up to 500,000 million in additional resources for lending to ease tensions over European debt crisis and prevent its spread to other global economy .
The announcement came despite the fact that Azumi had repeatedly stressed that Japan did not announce the amount until they conduct a round of consultations with other countries in the framework of the meeting of finance ministers and central bank governors of G20 will be held in Washington from next Thursday.
Japan, which has the second largest share in the IMF behind the U.S., has always reaffirmed its commitment to cooperate to curb the spread of the crisis in the eurozone to other economies, although repeatedly urged leaders Europeans to do more to address its fiscal problems.
In the trading session yesterday, the Tokyo Stock Exchange fell more than 1.7%, driven by increased concern about the situation of Spain and the debt crisis in the eurozone, and with its possible spread to the world economies.
Japan was among the first countries to contribute to the IMF on a loan of 100,000 million dollars after the outbreak of the bankruptcy of Lehman Brothers in autumn 2008, and to contain its effect on the global financial system.