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Finance ministers and central bank governors pose during a photo session at ASEAN+3 Finance Ministers and Central Bank Governors' Meeting on the sideline of ADB's annual meeting in Yokohama, south of Tokyo, on May 5.

Asia divided over plan to strengthen crisis response

Beijing 'opposed' to Tokyo-backed proposal to beef up regional financial safety net

MITSURU OBE, Nikkei staff writer | China

YOKOHAMA -- Asian nations are in agreement on their need to deal with currency crises such as the one that wrought havoc in the region 20 years ago, but in a meeting Friday, fell short of an accord on upgrading the existing crisis-response mechanism.

"Unfortunately, we are not able to reach an agreement," Japanese Finance Minister Taro Aso told a press conference after a gathering of the finance ministers and central bank chiefs of Japan, China, South Korea and the 10-member Association of Southeast Asian Nations in Yokohama.

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