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Japan central bank injects $7 billion into money markets

Japan central bank injects $7 billion into money markets
AP
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First Published: Tue, Aug 21 2007. 06 08 PM IST
Updated: Tue, Aug 21 2007. 06 08 PM IST
Tokyo: Japan’s central bank injected 800 billion yen ($7 billion) into money markets on 21August in an ongoing effort to curb rises in key interest rates amid US credit concerns.
The Bank of Japan on 20 August injected 1 trillion yen ($8.7 billion) to ensure ample liquidity on the markets as global concerns persist over the US housing loan crisis and its impact on the global economy.
Major central banks, including the BOJ, as well as the US Federal Reserve and the European Central Bank, have already poured billions of dollars (euros) into the markets in recent weeks due to the US subprime mortgage woes.
The Fed on Friday also cut its key discount rate by a half percentage point to 5.75% to quell investor worries, though the action is considered a temporary remedy.
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First Published: Tue, Aug 21 2007. 06 08 PM IST