Japan has no plan as of now to join the China-led Asian Infrastructure Investment Bank (AIIB), a government spokesman said yesterday.
Japanese Chief Cabinet Secretary Yoshihide Suga told reporters Japan is still seeking answers about how the regional financing institution would be governed.
“As of today, Japan will not join AIIB and a clear explanation has not been received from China,” Suga said.
China set a March 31 deadline to become a founding member of the AIIB and more than 40 nations have joined or said they intend to, adding clout to an institution seen as enhancing Beijing’s regional and global influence.
The US maintains that the Beijing-based regional bank should work in partnership with existing institutions, such as the Asian Development Bank, which by convention is headed by a Japanese official, and the US-dominated World Bank and IMF.
It contends the bank might extend credit without adequate environmental, labor and social safeguards, but it has found itself isolated on the issue as other major Western nations and US allies in Asia have indicated they plan to join.
Norway also said it wanted to join the as a prospective founder member.
“Norway is a substantial contributor to global development efforts, and wishes to join countries from Asia and other parts of the world in further refining the structure and mission of the AIIB,” Norwegian Minister of Foreign Affairs Boerge Brende said in a statement on a government Web site.
Suga did not say Japan would never consider joining the bank. Japanese Finance Minister Taro Aso had indicated that it was a possibility, but backtracked on the issue.
Japanese media reports yesterday said that the ruling Liberal Democratic Party was still considering its stance.
“There is no need to participate hastily,” Kyodo news service reported Japanese Prime Minister Shinzo Abe as telling party leaders.
He indicated Japan was siding with its powerful ally the US on the issue, adding: “The United States now knows that Japan is trustworthy.”
Suga denied reports Japan was seeking more time to decide on the issue.
“We want to ensure there is clear governance,” he said. “We want to make sure no other lenders would be damaged.”Additional reporting by Reuters
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