Japan’s Prime Minister Taro Aso announced that Japan would offer more than $17 billion of aid over three years to Asian countries to ease the global financial crisis. “It is imperative to ensure dollar liquidity for small, medium and emerging countries. We welcome oil exporters and countries that have a lot of foreign exchange reserves would join such efforts. Aso also promised that, by June, Japan (the world’s fifth largest greenhouse gas emitter) would unveil a medium-term target to reduce emissions; he goes on to say “we can’t have plans which are not agreed by the United States, China or India.” Japan has said it aims to cut emissions by 60–80 per cent below 2005 levels by 2050, but experts tasked by the governments to debate Japan’s reductions have been at odds over how ambitious mid-term goals should be. Japan has a target to cut emissions by six per cent below 1990 levels between 2008 and 2012 under the UN’s Kyoto Protocol, but needs to cut emissions by an estimated 13.5 per cent to reach its Kyoto goal.
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