nhk world's yuko fukushima has more. >> reporter: in 1997, asia suffered a major financial crisis. countries like thailand, indonesia and south korea saw a massive outflow of funds, and their currencies plunged against the dollar. they immediately turned to the imf for financial assistance, and in return, they implemented drastic programs of structural reform. japan wasn't happy with the imf's response. it proposed setting up a new institution called the asian monetary fund to help manage future crises. the man who led the initiative explains why. >> at the time of sort of proposal of asian monetary fund, we very much dissatisfied with international monetary fund. we had the asian crisis in 1997, 1998, and imf, you know, mishandled the asian crisis. and more or less deepened the crisis, rather than saving asian countries from the crisis. >> reporter: in the end, japan's initiative failed due to opposition from the united states. he says leaders in tokyo weren't willing to risk a diplomatic crisis with their closest ally, but in china's case, washington's absence from the aiib wasn'