With trade ties growing beyond the US$130 billion mark, the Bank of Japan opened an office in Beijing yesterday.

President of the Bank of Japan (BOJ) FUKUI Toshihiko (L) shakes hands with Zhou Xiaochuan, Governor of the People's Bank of China, during the opening ceremony of BOJ's Beijing office Tuesday, December 23, 2003, in Beijing. [newsphoto.com.cn]

The move by Japan's central bank was directly related to fast-growing Sino-Japanese economic ties and growing regional economic integration.

It is the second foreign central bank to have a representative office in China.

The Bank of Korea, the central bank of the Republic of Korea, opened its Beijing office earlier this month.

Central bank officials of the two sides said at a ceremony yesterday that co-operation between central banks is critical in the era of globalization.

Information exchanges about the macroeconomic situation, monetary policy and banking regulations, for which central banks are mainly responsible, will be an important part of the co-operation, they said.

China's central bank, the People's Bank of China (PBOC), set up a Japan office in Tokyo in 1993.

"Strengthening the partnership between the central banks of China and Japan is necessary with the increasing interdependence of the two economies,'' said PBOC governor Zhou Xiaochuan.

Bilateral trade volume between the two countries totalled US$100 billion in 2002 and is expected to top US$130 billion this year, he said.

Japan has set up more financial institutions in China than any other country.

BOJ governor Toshihiko Fukui said the robust economic growth in East Asia, especially in China, is conducive to the recovery of the Japanese economy, which in turn will influence regional economies.

He said the two sides should further strengthen economic and financial co-operation to contribute to regional economic stability and prosperity.

Yosuke Tsuyuguchi, a former division chief of the Bank of Japan's international department, will head its Beijing office.

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