Japan's central bank injects 4 trln yen into money market
9/10/2008 17:09
The Bank of Japan (BOJ) pumped a record 4 trillion yen into the Tokyo
money market today, the biggest single day injection since the central bank
started emergency operation.
It's the 17th consecutive day of money injection
to facilitate interbank borrowing.
The BOJ's move came amid growing concerns
about a global financial crisis despite the coordinated interest rate cuts by
six central banks in North America and Europe yesterday.
Overnight call money
rates remained at around 0.6 percent for foreign banks and around 0.55 percent
for Japanese regional banks, both above the BOJ's official target of around 0.5
percent, even after the BOJ injected 2 trillion yen into the market in the
morning.
This prompted the central bank to provide an additional 2 trillion
yen in the afternoon.
Xinhua
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