Bank of Japan injects $9 bn into market

October 7th, 2008 - 11:55 am ICT by IANS  

Lehman BrothersTokyo, Oct 7 (DPA) The Bank of Japan (BOJ) pumped one trillion yen ($9.69 billion) into the money market to ease disruptions amid the global financial crisis.Japan’s central bank Tuesday conducted the emergency measure for the 15th consecutive business day since the US investment bank Lehman Brothers Holdings Inc. filed for bankruptcy Sep 15.

The bank’s move came after the Tokyo market plunged to a five-year low, which sent the key Nikkei Stock Average index below the 10,000 mark Tuesday.

BOJ was expected to maintain the key short-term interest rate unchanged at 0.5 percent at the end of a two-day policy meeting scheduled to end later Tuesday.

The bank’s policy board was also to agree to continue injecting ample liquidity into the market amid the global financial crisis.

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