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Japan Must Play Key Role In Financial Reform: Mahathir

Friday, May 22, 2009

TOKYO (Nikkei)--Japan should take a leading role in working with Western nations to overhaul the current financial and banking system, former Malaysian Prime Minister Mahathir bin Mohamad said at the annual Future of Asia conference here Thursday.

Mahathir said that the current order -- a major culprit of the ongoing economic turmoil -- is in need of an overhaul. He stressed the need for talks like those conducted at Bretton Woods, where countries agreed to establish such entities as the International Monetary Fund.

The former prime minister explained that Japan should leverage its position as an Asian economic power to take a leading role in the region and in talks with the West.

Titles of speakers, names of companies, etc., were correct as of the time when the forum was held.