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BOJ injects $85.5 billion into money markets

BOJ injects $85.5 billion into money markets (by Chris Oliver)

HONG KONG (MarketWatch) -- The Bank of Japan said it will inject a record 7 trillion yen ($85.5 billion) into the financial system to help shore up markets following the nation's worst-ever earthquake last week. "The bank will do its utmost to continue ensuring stability in the financial markets and securing smooth settlement of funds, including providing liquidity," the Bank of Japan said in a statement on its website early Monday. The announcement preceded an unscheduled meeting by the Bank of Japan's policy board, which got underway at 12.00 p.m. local time (11 p.m. U.S. Eastern time). The 7 trillion fund-supplying operation is the largest carried out by the BOJ in a single day, and represents the first such injection since May, when the Greek sovereign-debt crisis ripped across Europe.

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BOJ injects $85.5 billion into money markets