Bank of Japan pumps 3 trillion yen into markets

AP News
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Posted: Mar 17, 2011 9:02 PM

The Bank of Japan is pumping an additional 3 trillion yen ($37.5 billion) into money markets to stabilize them after last week's earthquake and tsunami.

By adding money to the banking system, the central bank hopes lending will meet the expected surge in demand for funds after last Friday's earthquake and tsunami in northeastern Japan.

Bank of Japan Gov. Masaaki Shirakawa also expressed hopes the actions promised by the Group of Seven member countries will help stabilize foreign exchange rates.