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Japan hosts regional discussions Japan hosts regional discussions
(about 3 hours later)
The leaders of Japan, China and South Korea are preparing to meet on the Japanese island of Kyushu. The leaders of three of Asia's biggest economies are meeting in Japan to discuss measures to reduce the damage caused by the global financial crisis.
They will hold talks on how they can work together to overcome the financial crisis which has hit the region. The talks between Japan's and China's prime ministers and the South Korean president are set to focus on boosting trade and increasing currency swaps.
They are expected to focus on how they can boost trade between them but will also discuss security issues. They are also expected to discuss security issues and climate change.
Japan says the summit marks an important development in its relationship with its Asian neighbours and former enemies. Officials in Tokyo say the summit marks a "significant" development in Japan's relationship with its two neighbours.
The meeting is being hosted by the Prime Minister Taro Aso in his home city of Fukuoka. The North Asian nations, former enemies, have held talks on the sidelines of international meetings, but this is their first independent trilateral summit.
Mr Aso has invited the South Korean President Lee Myung-bak and the Chinese Premier Wen Jiabao to discuss ways they can co-operate in overcoming the economic crisis which has left Japan in recession and hit growth in China and Korea. At a separate meeting on Saturday, the South Korean and Japanese leaders condemned North Korea for showing an "uncooperative attitude" in the latest round of six-party talks aimed at dismantling its nuclear disarmament programme in Beijing this week.
The countries are planning to increase the amount of money they swap between them - a move which should benefit South Korea especially, as its currency the won has lost a third of its value since the start of the year. Swap facilities
Japan is also trying to put aside its past differences with China, partly because it was trade between them that helped pull Japan out of its last prolonged recession during the 1990s. The trilateral summit between Japanese Prime Minister Taro Aso, South Korean President Lee Myung-bak and the Chinese Premier Wen Jiabao is being held in the southern city of Fukuoka.
This is a great global recession which comes once in a hundred years, but by taking appropriate measures without any delay, we can minimise the impact Japanese Prime Minister Taro Aso
The BBC's Duncan Bartlett in Tokyo says the three leaders hope to discuss ways they can co-operate in overcoming the economic crisis which has left Japan in recession and hit growth in China and Korea.
The countries are planning to increase the amount of money they swap between them through the Chiang Mai Initiative on a permanent basis - a move which should benefit South Korea especially, as the won has lost a third of its value since the start of the year, our correspondent says.
Ahead of the talks, the South Korean central bank announced in a statement that it had increased its bilateral swap facility with the Bank of Japan to $20bn, and a similar facility with the People's Bank of China to $26bn.
Japan is also trying to put aside its past differences with China, partly because it was trade between them that helped pull Japan out of its last prolonged recession during the 1990s, he adds.
The South Korean won has lost a third of its value since the start of the year
All three countries - which account for 75% of the region's economy and two-thirds of its trade - have announced major individual economic stimulus packages in recent months.
On Friday, the Japanese government increased by 23 trillion yen ($255bn) its stimulus plan, more than half of which will be used to bring stability to the financial markets. It follows a 27 trillion-yen package in October.
"This is a great global recession which comes once in a hundred years," Mr Aso said. "But by taking appropriate measures without any delay, we can minimise the impact."
Earlier this week, China revealed that its exports had fallen for the first time in seven years. However, it still reported a record monthly trade surplus.
Beijing launched a 4 trillion yuan ($586bn) stimulus plan last month, and on Wednesday pledged to boost public spending and cut taxes.
South Korea, the hardest hit by the financial crisis, meanwhile offered $130bn of guarantees on foreign-currency borrowing and liquidity to its banks.