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BoJ to withdraw further trillion yen from money market

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August 14, 2007 | 3:17pm

TOKYO (AFP) - The Bank of Japan said Tuesday it will withdraw an additional one trillion yen (8.5 billion dollars) of emergency funds from the banking system, after a recent easing of global market turmoil.

The announcement came just hours after the Japanese central bank said it would drain 600 billion yen out of the money market as fears of a credit crunch abated following massive fund injections by the world's central banks.

The two withdrawals siphon off all of the emergency funds pumped into the banking system by the BoJ over Friday and Monday.

BANK

BANK OF JAPAN

BANKING

BILLION

CENTRAL

EMERGENCY

FRIDAY AND MONDAY

FUNDS

MARKET

SYSTEM
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