Following the discussion in the previous chapter about the causes of the East Asian financial crisis, this chapter offers a detailed narrative and analysis of Japan’s policies towards the crisis as well as the background against which these policies came out and were implemented. It looks at how and why Japan has become interested in regional ﬁnancial cooperation in general, and the AMF in particular, while considering the signiﬁcance of the New Miyazawa Initiative in analysing recent Japanese foreign policy. It is also discussed how and why Japan became positively involved in this incident together with the IMF. The chapter argues that the ﬁndings presented here advance one of the central arguments of the book about Japan’s increasing willingness to take the initiative in the region. Also, the relevance of this evidence about Japan’s interest in regional ﬁnancial cooperation will be explored further in the discussions about East Asian regionalism in the next chapter. Additionally, by noticing some elements of the style in which these policies were pursued, this and the next chapter prepare the ground for a comprehensive analysis of the style of Japanese foreign policy in Chapter 6. The Thai crisis, which eventually triggered the region-wide, then global, crisis, provides the starting point of this chapter.