Japan, along with the United States, stayed out of the China-led initiative to create the Asian Infrastructure Investment Bank (AIIB) as delegates from 57 countries that signed up as founding members attended a ceremony in Beijing on Monday to ink an accord specifying the initial capital and other details of the new regional lender. The government has cited questions over transparency in its governance and lending rules as key reasons to opt out of the new bank, but Japan should still consider future participation if it wants to influence the AIIB’s operations so that it will be run in accordance with international norms.
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