Per an associated press story, posted today, Japan forgave 80% of Iraq's debt owed to Japan.
Japan is a member of the Paris Club of main creditor nations, which last year agreed to reduce by 80 percent the $38.9 billion Iraq owed to its member states.
The US has forgiven 100% of the Iraqi debt owed. While the US taxpayer has paid for this "debt forgiveness", it will aid Iraq in bringing their economy off the ground. Taxes in Iraq may be able to remain a little lower therefore leaving more money in the hands of Iraqi citizens.
Interesting tid-bit from the Associate Press article; Japan's constitution bans the use of force in settling international disputes...
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