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adaptor Wrote: ------------------------------------------------------- > East Asia should integrate to revive global > economy: 'Mr. Yen'2012/05/23 18:57:45Taipei, May > 23 (CNA) With the global economy's center of > gravity shifting from the West to the East, > countries in East Asia should integrate to lead a > worldwide economic recovery, a former Japanese > finance official nicknamed Mr. Yen said > Wednesday. Speaking at a press conference ahead > of a scheduled speech on the same day in Taiwan, > Eisuke Sakakibara predicted that the world economy > in 2012 and 2013 would be the worst since World > War II, and he believed Taiwan, Japan, South Korea > and China should integrate to lead the world out > of its current economic depths. Intra-East Asian > trade accounts for 60 percent of the region's > total trade, and Asian countries should use the > market as a driving force for businesses to work > together, said Sakakibara, Japan's vice minister > for finance and international affairs from 1997 to > 1999. Trade integration will be the future trend > in the East Asia region, and with China, Japan and > South Korea launching free trade agreement > negotiations, Taiwan should also pick up the pace > and start signing agreements with other countries, > he suggested. Sakakibara also recommended Asian > countries to contribute 5 percent of their foreign > exchange reserves to establish an Asian Monetary > Fund (AMF), which will be worth an estimated US$25 > billion. The fund could become another mechanism > to stabilize the region's economy other than the > current Chiang Mai Initiative Multilateralisation > Agreement, Sakakibara added. The economist also > observed that the European debt crisis has led > risk-averse investors to divert their funds from > stocks to bonds, leading equity markets to tumble, > and pushing bond prices higher and yields > lower. In such an environment, investors should > also favor bonds, said Sakakibara, who became > "Mr. Yen" as Japan's former currency > chief because of his ability to influence the yen > rate through his outspokenness and government > intervention in currency markets. The Japanese > economist also predicted that the United States > may be facing a lost decade similar to Japan's in > the 1990s following the bursting of its financial > bubble in 2007. Sakakibara said the U.S. bubble > grew steadily from 1995 to 2007 before exploding, > as was the case in Japan, resulting in mounting > debt in both the private and public sectors that > the U.S. will have trouble surmounting for > years. (By Kao Chao-fen and C.J. > Lin) ENDITEM/ls > > Reference: > http://focustaiwan.tw/ShowNews/WebNews_Detail.aspx > ?Type=aECO&ID=201205230033