Japan says IMF to meet $400 billion target to boost firepower

WASHINGTON (Reuters) – The International Monetary Fund is likely to achieve the touted $400 billion boost to its financial firepower as more countries signaled readiness to contribute funds, Japan’s finance minister said, in a sign the G20 has made progress in building up a global firewall to contain the euro zone debt crisis.

The IMF may even manage to collect more than the $400 billion target when including countries that cannot make a firm commitment now but are willing to contribute later, Jun Azumi told reporters after attending the Group of Seven and Group of 20 gatherings in Washington on Thursday.

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