Japan Won’t Join China-led Bank

Japanese leaders indicated on Tuesday that their nation would not become a founding member of a new Chinese-led Asian development bank but instead remain loyal to the United States, which has urged its allies to refrain from joining.

The officials cited concerns about the management of the new lender, the Asian Infrastructure Investment Bank, that echoed objections raised by Washington, which sees the bank as a challenge to American-led institutions like the World Bank.

Local news reports quoted Prime Minister Shinzo Abe as saying it was important for strategic reasons that Japan stick with the United States even when other allies like Britain and Germany have announced they will join the new bank.