Japan Ready To Cooperate On More EFSF Purchases
fxbom.com
02:09 PM
CANNES, FRANCE — Japanese finance minister Jun Azumi said Thursday Japan is willing to make additional EFSF purchases depending on the E.U.’s efforts to stabilize its financial sector.
Speaking to reporters after Thursday’s G20 meetings in Cannes, France, Azumi said Japan is “willing to cooperate on additional purchses of EFSF depending on the E.U.’s efforts.”
Azumi also added the market may not be confident in creating a separate vehicle to leverage EFSF funds to increase the needed bailout capital, saying it is preferable “that the IMF step up rather than create a new framework” for such operations. “We’re willing to cooperate in strengthening IMF funds” if the G20 can achieve a consensus, Azumi said.
Azumi said he spoke to his U.S. counterpart Timothy Geithner about Japan’s Monday currency intervention. “I explained to him my decision to intervene,” and said Geithner expressed neither oppositon nor support for the move.
-By Toko Sekiguchi, Dow Jones Newswires; 813-6269-2787; toko.sekiguchi@dowjones.com
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