The International Monetary Fund's executive body has approved a proposal to increase each member's quota by 50 percent without changing the current shareholding ratio, meaning Japan will maintain its No. 2 status within the multilateral lender.
Japan's nominal gross domestic product in 2023 is expected to slip from third to fourth in the world on a U.S. dollar basis, to be overtaken by Germany, on the back of the yen's depreciation, recent International Monetary Fund projections show.
The International Monetary Fund lifts its 2023 growth forecast for Japan to 2 percent, up from its 1.4 percent prediction in July, citing "a surge in inbound tourism" as one of the major factors.
Prime Minister Narendra Modi will embark on a three-nation tour of Japan, Papua New Guinea, and Australia tomorrow morning. On the first leg of his tour, Mr Modi will attend G7 Summit in Japan at the invitation of Japanese Prime Minister Fumio Kishida.
The International Monetary Fund has called for "more flexibility" in Japanese long-term yields after the Bank of Japan jolted financial markets with its surprise decision to widen the trading band last month for 10-year government bonds.