FUKUOKA (Japan) - THE leaders of China, Japan and South Korea will hold a rare joint meeting on Saturday as they try to work out how best to cushion Asia from the global economic crisis.

Japanese Prime Minister Taro Aso hosts South Korean President Lee Myung Bak and Chinese Premier Wen Jiabao in the first ever three-way summit to be held separately from larger international meetings.

Leaders of the three countries - which together account for three-quarters of Asia's gross domestic product - will meet for one day in the southwestern Japanese province of Fukuoka, where Mr Aso's wealthy family comes from.

A few years ago, such a summit between Japan and its neighbours would have been unthinkable. However, recent moves to mend ties long haunted by memories of Tokyo's past aggression have made this weekend's forum a possibility.

Mr Aso will tell Lee and Wen that 'it is important for Asian countries to contribute, as Asia will continue to be a centre of growth in the world economy', said Mr Kazuo Kodama, Japan's foreign ministry press secretary.

At a crisis summit last month in Washington, Mr Aso said Japan would lend up to 100 billion dollars to the International Monetary Fund (IMF) to help provide financial lifelines to crisis-hit emerging countries.

Japan has called for other key players such as China, which has the world's largest foreign reserves, to take part.

'If they come forward with a commitment, that would be welcome,' Mr Kodama said, although adding that Japan did not plan to press China hard in the hope of maintaining a good atmosphere at the summit.

Japan also hopes the summit can come up with plans for a quick capital injection into the Asian Development Bank, giving it the power to help emerging economies in the region, he said.

Tokyo will call for an expansion of the so-called Chiang Mai Initiative - a system of regional currency swaps set up in 2000 after Asia's own financial crisis.

The three countries are also to discuss boosting the amount of currency Tokyo and Beijing are ready to provide to Seoul - in return for the won - in the event of a deepening financial crisis.

South Korea is eager to widen currency swap deals with its neighbours after the won came under massive selling pressure.

The three countries will also discuss development in Africa, where all have been stepping up aid, investment and diplomatic activity.

China has come in for intense criticism for supporting African nations such as Sudan, which are shunned by Western democracies.

'The time has come to encourage China to accept established international rules in extending its assistance to Africa,' Mr Kodama said.

Mr Mineo Nakajima, a diplomacy expert and principal of Akita International University, said it was good for the Asian leaders to exchange views before the launch of the new US administration.

'Having said that, we cannot hold out high hopes for the content of the talks,' he said.

The leaders are expected to focus on short-term concerns as Aso and Lee wallow from sagging popularity and the financial crisis and China is also faced with economic worries as exports shrink to the United States, he said.

'All the three leaders have their hands full with problems in their own countries,' he said.

Japan and China, whose economies have become increasingly interlinked, resumed high-level dialogue in 2006 after a long freeze caused in part by historical disputes. Saturday's summit will be the sixth between the two countries this year.

Mr Kodama said Japan would raise - but not dwell upon - its concerns over a recent intrusion by Chinese survey ships into waters Tokyo regards as its own in the East China Sea. -- AFP