Asian nations to debate Japan’s bid to beef up market safeguards

Japan’s finance minister Shunichi Suzuki hopes to discuss the strengthening of currency swap lines that allows Asian nations to tap funds in emergencies.

Japan, which co-chairs with Indonesia this year’s meeting of Asean+3 nations, hopes to discuss the idea of strengthening currency swap lines known as Chiang Mai Initiative Multilateralisation , finance minister Shunichi Suzuki told a news conference today. Suzuki said he plans to attend the Asean+3 meeting on Tuesday, to be held on the sidelines of the Asian Development Bank’s annual meeting in Incheon in South Korea next week.

While Asian policymakers stress their countries have sufficient foreign reserves and buffers to fend of another crises, they may see scope to make enhancements to existing arrangements to combat potential market upheaval, analysts say.

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