Japan won’t join China-led AIIB

BEIJING: Japan has no interest in joining the China-led Asian Infrastructure Investment Bank (AIIB) as a founding member, despite yesterday being the deadline for membership application.
Japan has to remain cautious over participation in the AIIB, the country's Finance Minister, Taro Aso was quoted as saying by Kyodo News agency.
The report was carried by China's state-owned Xinhua news agency yesterday.
Despite more than 40 countries, including Malaysia having applied to become founder members, Japan and the United States have remained cautious about joining the financial institution.
The AIIB is seen as a competitor to the US-led International Monetary Fund, World Bank, and the Manila-based Asian Development Bank.
The AIIB was mooted by Chinese President Xi Jinping last October and is aimed at helping fund infrastructure projects in poor Asian countries. – Bernama