Japan is preparing to tap its foreign exchange reserves to the tune of $100 billion (£76.2 billion) in an offer to the International Monetary Fund (IMF), government sources have told The Times. The Japanese offer, which will be unveiled tomorrow in Washington, will dramatically increase the IMF's ability to lend to emerging economies savaged by the global financial crisis. Japan is already the second-largest donor to the IMF, and has the world's second-largest stash of foreign reserves - some $980 billion.

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