Asia was shaken Tuesday by the collapse of the U.S. financial bailout effort, with the region’s political leaders expressing hopes for a quick solution and Japan’s central bank injecting more cash into money markets to promote liquidity and lending. “This is a bad development,” Australian Prime Minister Kevin Rudd said of the U.S. House of Representatives’ rejection Monday of a $700 billion plan to rescue ailing financial companies burdened with piles of bad mortgage-related debts. “The outcome has caused a major impact not only the U.S. economy but also the world economy,” said Japan’s Economy and Fiscal Policy Minister Kaoru Yosano, urging Washington to renegotiate a workable package. Full Story
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