Report: Japan to Offer $105 Billion for IMF Bailouts

Japan will offer up to 10 trillion yen ($105 billion) to the International Monetary Fund to bailout nations reeling from the global financial crisis, The Nikkei newspaper reported Thursday. Japanese officials have repeatedly said Tokyo is ready to provide some of its ample cash for IMF loans if the multilateral group doesn't have enough funds for bailouts. But the ministers have not given an amount. The Nikkei, the nation's top business daily, said the amount is likely to be about 10 percent of Japan's $1 trillion foreign currency reserves. The money will be offered for nations such as Serbia and the Ukraine that may need large loans, the report said without citing sources. Japan has been eager to boost its international clout by being generous with cash for stabilizing the world's financial system during the unfolding crisis. The Nikkei said Japanese Prime Minister Taro Aso will make the offer during a two-day meeting, which begins Friday in Washington, and will gather representatives of some of the world's biggest industrial democracies, emerging nations and international bodies to discuss the financial crisis. Read more.