14 Dec 2008

Asian giants to unite against financial crisis

7:00 am on 14 December 2008

The leaders of Japan, China and South Korea have gathered for a summit in a bid to find joint solutions to the global financial crisis.

They account for 75% of Asia's economy and are closely intertwined economically.

Each has been hit by the crisis: China's exports have fallen for the first time in seven years, South Korea's currency has lost a third of its value and Japan is officially in recession.

The prime ministers of Japan and China and the president of South Korea are meeting in the southern Japanese city of Fukuoka.

The ABC reports it is expected that they will agree to increase the amount of currency they swap between them.

They hope increased trade will also help them weather the global financial storm.