Thursday, March 17, 2011

Japan injects 5 Trillion Yen into troubled markets

Source: Press TV

The Bank of Japan (BOJ) has injected 5 trillion yens (USD 61 billion) to calm the country's upset financial markets following Japan's devastating March 11 earthquake.

The BOJ said on Thursday that its total liquidity injection reached 60.6 trillion yen (USD 739 billion) since Monday, Xinhua reported.

The injections come after the devastating temblor, Japan's strongest on record, and the ensuing tsunami on Friday, which collapsed the country's banking system.

The move would possibly decrease the value of yen and increase the country's inflation, analysts said.

The massive quake's death toll has reached 4,314 while at least 9,000 are unaccounted for.

The catastrophe and deepening nuclear crisis, caused at the Fukushima power plant reactors, could result in losses of up to USD 200 billion for the world's third largest economy.

The Japanese government on Wednesday ordered emergency workers to withdraw from a stricken nuclear plant amid a surge in radiation, temporarily suspending efforts to cool the overheating reactors.

The nuclear crisis has triggered international alarm and partly overshadowed the human tragedy caused by the 9.0-magnitude earthquake.

Meanwhile, Japanese stocks suffered their worst two-day rout since the 1987 crash on Monday and Tuesday, losing USD 626 billion in value, before rebounding 5.7 percent on Wednesday.

1 comment:

  1. takes a brave man to be on the other side of this trade


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