Japan to loan IMF $60bn

Japan has agreed to loan the International Monetary Fund (IMF) $60bn after repeated calls from the organisation for additional funds to help it tackle the eurozone crisis.

The loans from the world's third largest economy, worth £38bn, come ahead of a visit by European leaders to IMF headquarters in the US. The IMF has asked for extra cash from its members to shore up its finances and help deal with problems stemming from Europe, having already provided assistance in the region. The IMF has helped bailout countries including Greece and Portugal as the crisis has deepened, but further funding is likely to be needed as some of the largest economies now face funding pressures. Yesterday Spain, the fourth largest economy in the region, saw yields on its 1...