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Tuesday, 10th March 2009
In Business In Japan,

Thinktank calls for 'common Asian currency'

Japan should spearhead efforts to launch a common currency throughout Asia, a thinktank has claimed.

A report by the Institute for International Policy Studies (IIPS), said the move should occur by the 2030s and supplement, or replace, the current fragile economic system in the region.

The report claimed: "In order for the entire Asian region to keep growing, we must create the third-polar regime in Asia by introducing the Asian common currency, which stands on par with the US dollar and the euro."

However, the report also concedes that the dollar will keep its status as the most important currency in the world, reports the Japan Times.

In the short-term, there should be an international effort to get rid of bad debt and building new mechanisms for overseeing the world financial system.

The IIPS is a non-profit, independent research organisation based in Tokyo. It looks at security, economic and political issues.

Written by Mike Cotgreave