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BoJ pumps another $76 bn into market

17 march 2011, 11:36
The Bank of Japan on Thursday pumped $76 billion in the financial system to soothe money markets shaken by Japan's biggest ever earthquake, a devastating tsunami and a nuclear emergency.

The central bank pumped five trillion yen ($63 billion) into the financial system early Thursday, followed by an injection of another 1.0 trillion yen ($13 billion) in the afternoon.

The move raised its total funds injection in short-term money markets since Monday to 34 trillion yen, following an earlier pledge to provide "massive" funds following the disasters.

The bank also offered Thursday to buy a total of 3.86 trillion yen ($49 billion) worth of government bonds and short-term securities next week to add extra liquidity.

The central bank's priority is to ensure that financial institutions in disaster-hit regions do not run out of funds.

In early Thursday trading, the benchmark Nikkei index plunged more than four percent as jittery investors again offloaded shares amid fears about the unfolding crisis at the Fukushima No.1 nuclear plant.

But stocks recovered some of their losses later in the day after the yen retreated from an earlier record high set against the dollar, easing worries about the outlook for exports.

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