BoJ injects emergency funds

Thu, 13 Sep 2001 | Source: AFP

TOKYO (AFP): The Bank of Japan (BoJ) said Wednesday it had raised liquidity levels in the financial system by around two trillion yen (US$16.67 billion) to ensure stability after the horrific terrorist attacks in the U.S..

But State Minister for Economic and Fiscal Policy Heizo Takenaka said there was no need for the central bank to make a radical policy shift in response to the devastating strikes on New York and Washington the previous day.

"The Bank of Japan intends to take every possible measure to ensure the smooth settlement of funds and the stability of the financial markets, including the provision of ample liquidity," the bank said in a statement.

Extra funds were raised through buying treasury bills and the bank was ready to inject further cash should the need arise, said BoJ spokesman Saturu Yamadera.

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