The Bank of Japan (BOJ) pumped a record 4 trillion yen into the Tokyo money market Thursday, 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 on Wednesday.
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.
Source:Xinhua
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