tagged w/ Bank of Japan
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TOKYO (AP) — Japan's central bank has cut its key interest rate for the first time in seven years, seeking to mitigate the impact of the global financial crisis.
The Bank of Japan says the policy board lowered the uncollateralized overnight call rate to 0.30 percent in a rare 4-4 split decision. Gov. Masaaki Shirakawa, who has the final say in the event of a tie, voted in favor of a rate cut.
The central bank last loosened monetary policy in March 2001.
Economists and market observers now await the central bank's Semiannual Economic Outlook to be released in the afternoon, as well as comments by Bank of Japan Gov. Masaaki Shirakawa. TOKYO (AP) — Japan's central bank has cut its key interest rate for the... more
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Japan and Australia's central banks pumped more than $11 billion into money markets, seeking to ease near-record borrowing costs that threaten to tip regional economies into recession.
The Bank of Japan injected 1 trillion yen ($9.8 billion) and the Reserve Bank of Australia added A$1.815 billion ($1.3 billion). The London interbank offered rate, or Libor, that banks charge each other for three-month dollar loans stayed near a nine-month high and the Tokyo interbank rate was unchanged at the steepest this year. The Japan Libor-OIS spread, a gauge of cash scarcity among foreign banks seeking yen, rose to a record.
Interbank rates have jumped as lenders hoard cash, sheltering from bank failures and plunges in stock and commodities markets. The Nikkei 225 Stock Average dipped below 10,000 for the first time since December 2003 as Asian shares slumped for a fourth day, extending an equities rout that erased more than $2 trillion from global equities yesterday.
``There's a massive asset bubble deflating and it just encompasses everything,'' said Adam Carr, senior economist in Sydney at ICAP Australia Ltd., part of the world's largest inter-bank broker. ``We've been living in a dreamland and that dream has ended.''
Banks increased deposits held at the Reserve Bank of Australia by A$92 million to A$9.493 billion yesterday, after those holdings reached a record A$11.04 billion on Sept. 30, the RBA said today on its Web site. Those deposits averaged A$1.7 billion last year.
Money held at the BOJ by banks and other financial institutions rose 1.23 trillion yen to 7.22 trillion yen yesterday.
Japan and Australia's central banks pumped more than $11 billion into money... more
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major central banks banded together on Thursday to inject as much as $180 billion into money markets in a bid to stave off the growing global financial crisis.
The Federal Reserve joined with the European Central Bank, the Bank of Canada, the Bank of England, the Bank of Japan and the Swiss National Bank to pump more short-term dollar liquidity into the financial system.
major central banks banded together on Thursday to inject as much as $180 billion into... more
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because of the high level of turbulence that the global money machine is going through, Japan is now in the awkward position of having to call the us, canada, france, germany, italy, japan and britain aka uk, and see what they can come up w/, cause according to the Japanese super computers and brains, we r melted.
why? cause there is no bank leader, this is the first time in 80 years, and the bank of japan does not know what to do next, so they pick up the phone and call the stock holders aka G7
now what?
proper language below
http://www.iht.com/articles/2008/04/07/business/boj.php
http://ap.google.com/article/ALeqM5haHNJcLQFnRXXudStsjS6WzQ4ByQD8VT2TN80
http://www.earthtimes.org/articles/show/197172,oecd-japan-needs-reforms-to-stay-a-world-economic-leader.htmlbecause of the high level of turbulence that the global money machine is going... more
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lfm
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added this
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4 years ago
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