Japan mulls joining China-led regional bank
Tokyo signals interest in becoming member, as US-led opposition to the proposal crumbles
Japan is considering reversing its stance against joining a China-led development bank, but said concerns over funding would need to be addressed.
The US has staunchly opposed the creation of the Asian Infrastructure Investment Bank (AIIB), citing concerns over transparency, and many of its allies initially followed suit. But opposition has been crumbling, with Britain saying earlier this month it would join the institution, maintaining it was in its national interest. France, Germany and Italy swiftly followed.
Now some of the US' key regional partners are also considering the move. Japanese Finance Minister Taro Aso said his government might become a member if the bank could guarantee a credible mechanism for providing loans.
"We have been asking to ensure debt sustainability, taking into account its impact on the environment and society," Aso said in Tokyo after a cabinet meeting.
"We could [consider joining] if these issues are guaranteed.
"We'll give it careful consideration from diplomatic and economic viewpoints."
But other top Japanese officials were more non-committal, reflecting a division within the government of Japanese Prime Minister Shinzo Abe over whether the bank would help or hinder the nation's interests. "We have a cautious position about participation," said top government spokesman Yoshihide Suga.