Friday, 7th May 2010
In Business In Japan,
Japan bolsters market with funding boost
The central bank of Japan has pumped billions of yen to help ease the pressure on its financial markets.
In total, the bank bolstered the Japanese economy with 2,000 billion yen (£14.7 billion) of funding in a bid to help calm the market in the wake of the financial crisis impacting Greece.
As well as debt problems in Greece, markets worldwide are being hit by a record drop on Wall Street.
Speaking about the funding, Bank of Japan official Yuichi Adachi said: "We would like to ensure stability in financial markets by providing ample funds to banks."
Japan has just emerged from its deepest recession since the end of the second world war.
It is feared that the financial crisis in Greece could seriously hinder the global recovery from the economic downturn.
The country is grappling with large debts following its hosting of the Olympic Games in 2004 and its debt levels are now larger than its GDP.
Written by Mark Smith.