Monday, 10th May 2010
In Events In Japan,
Bank of Japan helps with economic bolstering
The central Bank of Japan has joined with large banks from a number of other nations to help bolster financial markets in the wake of the Greek debt crisis, which threatens to undermine economic recovery.
The bank announced it would give two trillion yen (£14 billion) in same-day funding, with the Bank of England and financial institutions in the US, Switzerland and Canada also offering cash.
Markets worldwide have been hit by concerns over the state of the Greek economy and representatives from the banks met over the weekend to try and ease the strain before the opening of markets this morning (May 10th).
In a statement, the Bank of Japan said: "The bank will continue to strive to maintain financial market stability through proper implementation of money market operations."
Japan is currently recovering from its deepest recession since the end of the second world war and is also grappling with inflation.
Written by Kimberley Homer.
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