Japan's central bank drains 2.2 trillion yen from market
15/10/2008 17:29
The Bank of Japan (BOJ) pulled out 2. 2 trillion yen from the Tokyo money
market today, the first fund-absorption operation after it kept pumping money
for 19 straight business days.
The central bank saw excess funds in the
market for the day, after pumping liquidity since the failure of US investment
bank Lehman Brothers Holdings Inc. on Sept. 15.
After draining 1 trillion yen
in the morning, the central bank absorbed an additional 1.2 trillion yen from
the money market in the afternoon.
Unsecured overnight call money rates that
are applied to banks borrowing from each other were around or below the BOJ's
official target of around 0.5 percent today.
Xinhua
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