Thirteen East and Southeast Asian countries agreed on Sunday to set up a $120 billion emergency fund for use in an economic downturn, the first independent move by Asia to shield itself from financial crisis.
Japan, the region's biggest economy, also announced a plan to supply up to 6 trillion yen ($61.54 billion) to support its neighbors in an economic downturn.
Japan, the region's biggest economy, also announced a plan to supply up to 6 trillion yen ($61.54 billion) to support its neighbors in an economic downturn.
The initiatives were announced on the Indonesian island of Bali, on the sidelines of the Asian Development Bank's (ADB) annual meeting, and this could lead to some optimism in regional markets today..
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