The Chiang Mai Initiative: Haruhiko Kuroda (17)

At the 1998 International Monetary Fund (IMF) and World Bank annual meetings, Japan announced a $30 billion New Miyazawa Initiative to help East Asian countries recover from the currency crisis.

Half the money, in the form of long-term assistance, was immediately provided, while the remaining $15 billion in short-term assistance was used for currency swaps and other measures with South Korea and Malaysia, among others. This was the template for the Chiang Mai Initiative (CMI).