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Asian markets are bouncing up....

Japan central bank injects US$8.8 billion into money markets

The Associated Press

Published: August 19, 2007

TOKYO: Japan's central bank injected 1 trillion yen (US$8.8 billion; €6.5 billion) into money markets Monday in a bid to curb rises in key interest rates, as global concerns persist over the U.S. housing loan crisis.

The Bank of Japan's move followed the U.S. Federal Reserve's decision Friday to cut its key discount rate by a half percentage point to 5.75 percent, quelling investor worries for the time being and prompting a rebound on Wall Street.

Major central banks, including the BOJ the U.S. Federal Reserve and the European Central Bank, have poured billions of dollars (euros) into the money markets in recent weeks in response to plunging stock markets amid continuing worries over the U.S. subprime mortgage crisis.

Investor confidence has been badly shaken over concerns that U.S. mortgage woes will not only hurt the U.S. economy but also affect the global financial system.

The Nikkei 225 benchmark index also reacted positively, rising more than 500 points or 3 percent, in early trade on the Tokyo Stock Exchange. On Friday, the index lost 874.81 points, or 5.42 percent — its largest one-day loss since it gave up 1,426.04 points.

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