Forex Cooperation Move

Kubo, speaking at the annual meeting of IMF and World Bank, said in a speech that currency stability was a common goal of world economies.

Cooperation in currency markets among industrialised nations should also be expanded to include new and emerging markets of Asia, he added.

From this standpoint, our monetary authorities are moving towards tie-ups with the monetary authorities of Asian Pacific nations, he said.

Foreign reserves among Asian nations make up for about 40 per cent of the world's total. He said it was necessary to join hands with emerging nations to strengthen ability to deal with various risks in the international monetary markets.