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Japan pumps in huge amount to stabilise market
Asia Pacific News.Net
Friday 10th October, 2008 (IANS)
Tokyo, Oct 10 (Xinhua) The Bank of Japan (BOJ) Friday pumped 4.5 trillion yen ($45.22 billion), the largest bailout till date in the current global market mayhem, into the money market Friday in a bid to regulate short-term finance between banks and other financial institutions.
Following the separate injections of two trillion yen and 1.5 trillion earlier in the day, the central bank added another one trillion yen into the market, making the total sum the largest amount in a single-day operation.
The liquidity input came in response to a jump of overnight call money rates to 0.73 percent, which stood well above the BOJ's 0.5 percent target, amid global financial market upheavals triggered by the collapse of US investment bank Lehman Brothers.
The input was the 18th emergency rescue measure in as many days by the BOJ.
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