The Asian Monetary Unit (AMU) is a basket of currencies proposed by the Japanese government's Research Institute of Economy, Trade and Industry (RIETI).
It is similar to and modeled on the European Currency Unit (ECU), predecessor to the euro.
[1] The Asian Monetary Unit, which has been created as the joint project of 21st century COE project of Hitotsubashi University and RIETI, is a common currency basket composed of 13 East Asian currencies, such as ASEAN 10 plus Japan, China and South Korea.
After 4 years passed, a common currency basket composed of 13 AMU currencies plus three other countries, Australia, New Zealand and India, which are strongly connected with Asian countries, is newly created as "AMU-wide".
[clarification needed][2] The AMU is a basket composed of 13 currencies.