Japan’s finance minister Jun Azumi urged the European Union on Tuesday to increase efforts in order to convince markets it has a credible plan to solve its financial crisis. Azumi avoided to make any promises about a possible Japanese contribution, via the International Monetary Fund (IMF), to a rescue fund for Europe.
Azumi approved the views of the U.S. and Canada, which expressed caution about making financial contribution to the IMF in order to help the 27-country European alliance.
"I can understand the stance of the United States and Canada," Azumi said.
He added that Europe should make it more clear how much money are needed to deal with the crisis before Japan would be “able to move on to the next step involving the IMF”.
Japanese trade and industry minister Yukio Edano commented that the European debt crisis will inevitably impact the Japanese economy and referred to the troubled domestic car industry.
"The auto industry is a pillar of the Japanese economy. But large growth in exports cannot be expected in the current circumstances of the strong yen and the European debt crisis, whose fallout will be unavoidable for the Japanese economy," Edano said.