Japan working with Ind to avert Euro crisis spreading to Asia

Davos, Jan 28 (PTI) Japan, second largest Asian economy, today said it is working with India and South Korea to prevent the Eurozone crisis spreading to Asia, while offering help to the debt-ridden European nations. "Japan is already working with South Korea and India to reduce the risk of the crisis spreading to Asia," the World Economic Forum said in a statement here quoting Japanese Prime Minister Yoshihiko Noda. Noda participated, through video-link from Tokyo, in a session hosted by Japanese TV channel NHK at the WEF Annual Meeting. Pointing out that Europe's crisis could be a major risk for the global economy, Noda said, "Japan stands ready to support the Eurozone as much as possible." In a session on global economic outlook International Monetary Fund (IMF) Managing Director Christine Lagarde also said that the European turmoil could have collateral and spillover effects across the globe. Singapore Prime Minister Lee Hsien-Loong yesterday cautioned the global leaders saying escalation of the European debt crisis would cause serious problems for the entire world. Lee, however, said there was lot of momentum in the Chinese and Indian economies and that should help the world to move forward. The Eurozone crisis has been dominating most of the discussions at the WEF meeting. PTI