As Nikkei Asian Review reports, Japanese Prime Minister Shinzo Abe said his government and the Asian Development Bank will jointly provide $110 billion to finance "innovative" infrastructure in Asia. Innovation, Abe said, is necessary if Asia is to counter the challenges that wait ahead, such as the graying of populations and the ever-increasing demand for energy.
In a jab at the new China-led Asian Infrastructure Investment Bank, Abe said that "excessive economic activity by the government sector must not elbow its way past the diverse ideas of the private sector. We must not create a 'bad money drives out good money' type of market where counterfeit and pirated products displace advanced technologies.
"Creating quality. That is the Japanese way of operating."