World financial system needs reforming

I have strongly uncomfortable feelings about the credit ratings by S&P and Moody's, for example, the rating for Japan is much lower than that of the United States. As creditor nations, China, Japan and Germany should cooperate to reform the current international financial and monetary system dominated by the United States, the largest borrower in the world. There should be a completely new public credit rating system based on creditors' logic by Asia and Europe, different from the current debtor-based one.

Yamashita Eiji, professor emeritus at Osaka City University and visiting professor at University of International Business and Economics (UIBE) in Beijing