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Published on Jan 8, 2009
In an appearance at the Asian Development Bank (ADB), Professor Jeffrey Sachs, Director of the Earth Institute at Columbia University, said that falling demand for Asian exports means the region will have to rely on public spending, such as infrastructure, health, education and energy reforms. He said that with some US$ 4 trillion in foreign exchange reserves, large current account surpluses and low inflation, Asia is well placed to expand public spending, which can help it maintain robust growth. He called on Japan, with $1 trillion in reserves, to adopt a more expansionary stance on monetary policy, and to make long term yen credit lines more readily available to countries in the Asia-Pacific in the region to help boost growth.