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.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.