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Lim Chang-yuel will ask his Japanese counterpart, Hiroshi Mitsuzuka, for Japan's participation in an emergency loan package being organised by the International Monetary Fund (IMF).
Mr Lim had previously planned on consulting with Mr Mitsuzuka at an Asian finance ministers' meeting in Kuala Lumpur on Monday. But the Japanese Finance Minister cancelled his plan to attend the meeting because of Japan's own financial problems.
Mr Mitsuzuka has already told the Japanese parliament, the Diet, that his government will seriously consider giving aid to South Korea, despite the country's own problems with failing banks and securities companies.
Tokyo is now waiting for an official request from the IMF to help with the aid package for South Korea..
Last week South Korea appealed to the IMF for help to ease a financial crisis which has sent its currency and share prices tumbling.
![[ image: width=154]](/olmedia/images/_35308_finance150.JPG)
On Thursday Mr Lim said the IMF loan package could be far bigger than the original $20 billion deal mentioned - sources in Seoul suggest it could be worth as much as $50 billion.
He said the International Bank for Reconstruction and Development and the Asia Development Bank had also decided to take part in the IMF bailout package.
IMF loans are usually provided with strict conditions attached, including reduced government spending and the merger or closure of insolvent banks.
Such measures would lower Korea's economic growth and raise unemployment.
South Korea's largest companies are already preparing themselves for sharply lower economic growth next year.
Samsung and Hyundai have both announced plans to down-size their operations and lay off large numbers of workers and executives.
Trade unions meanwhile have threatened strike action if necessary to resist mass lay-offs.
Their threats are a clear warning re-structuring and reform are unlikely to be achieved without social conflict.
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