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International relations

Japan plans sovereign wealth fund to finance US infrastructure

Tokyo hopes proposal eases pressure at upcoming trade talks with Washington

Construction at a bridge across the Hudson River in New York. Japan's new sovereign wealth fund will help finance American projects.   © Reuters

TOKYO -- The Japanese government intends to create a sovereign wealth fund to invest in American infrastructure projects, improving economic relations with Washington while putting excess capital to better use.

The state-backed fund will support infrastructure construction along with resource development and storage, as well as invest in joint U.S.-Japanese projects in other countries. It could work with a $113 million Indo-Pacific investment initiative announced this week by U.S. Secretary of State Mike Pompeo.

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