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Japan has a very huge advantages towards global economic downturn nowadays. Since it has a very solid capital in every banks. With its $5 trillion economy and store of cash rich banks, Japan had initially appeared comparatively unscathed from the credit crisis swiftly gathering pace across the United States and Europe. While America and Britain still struggling to secure all their financial institutions, I seems that japan is untouchable in today`s global financial meltdown. In fact, japan is now offering to help any other countries who really suffer due to this crisis.

The British and American plans, though far from identical, have two common elements according to officials: injection of government money into banks in return for ownership stakes and guarantees of repayment for various types of loans. Both remedies will be center stage on Saturday, when President Bush meets with finance ministers from the world’s richest countries at an unusual White House meeting to swap ideas. Mr. Bush’s invitation to finance ministers from Britain, Italy, Germany, France, Canada and Japan came on a day of phone calls and letters between European leaders and with Washington. Adding to the urgency, the Japanese stock market plunged more than 10 percent Friday morning, after having dropped 9 percent on Wednesday.

U.S. action so far is unprecedented in scale since the Great Depression. In the past five weeks alone, the government has taken over mortgage-finance firms Fannie Mae and Freddie Mac, rescued insurer American International Group Inc., backed the deposits of money-market funds and authorized a $700 billion bank rescue program. In putting together those measures, policy makers stretched the limits of what they can do under the law. The Fed has repeatedly invoked emergency powers only available to it at times of ``unusual and exigent circumstances'' to extend credit of up to $123.8 billion to AIG and set up its commercial-paper program.

And U.S. policy makers aren't finished yet. Paulson yesterday signaled he's considering pumping capital into U.S. financial institutions, saying ``we will use all of the tools we've been given to maximum effectiveness'' under the $700 billion Troubled Asset Relief Program. Barclays Capital Inc., Macroeconomic Advisers LLC and other forecasters predict the Fed will cut rates by another half-point this month to 1 percent. That would match the lowest level in five decades.

"Policy makers want to get as much stimulus into the system as soon as possible,'' said Brian Sack, a former Fed economist now at Macroeconomic Advisers in Washington.

Yet for all these efforts, investors remain unnerved and financial markets are in turmoil. U.S. stock indexes fell for a sixth day yesterday, plummeting 16 percent in that period.

To finally beat the crisis, policy makers outside the U.S. may have to show the same flexibility as their U.S. counterparts. The markets were unnerved earlier this week after a summit of European leaders concluded without a comprehensive, cross-border remedy for their banks' deepening woes, forcing countries to go it alone.

The U.K. yesterday granted Britain's banks an unprecedented 50-billion-pound ($86 billion) lifeline and emergency loans from the central bank.