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To that end, they have built up an enormous cushion of international reserves and they are even toying with the idea of setting up their own Asian Monetary Fund to handle any future balance of payments crises that they might experience. Washington similarly bullied Japan during the East Asian financial crisis, opposing Tokyo's plan for an Asian Monetary Fund and insisting on American-approved remedies. Clinton and Rubin have made a lot of noise about Japan not pulling its weight in the crisis, but when Japan offered last year to round up $100 billion for a proposed Asian Monetary Fund, they put the kibosh on it. |
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