Japan: Central Bank Takes Steps To Fight Quake’s Economic Impact

The Bank of Japan decided Monday to adopt further monetary measures to minimize the negative impact on economy following Friday’s earthquake and tsunami, reports SABA.

According to SABA, BOJ policymakers agreed to expand a asset purchasing program from 35 trillion yen (426.82 billion U.S. dollars) to 40 trillion yen (487.80 billion dollars) to help stabilize the nation’s financial system and aid economic recovery.

The policymakers also voted unanimously to keep key interest rate unchanged at the range of zero to 0.1 percent, SABA reported.

The central bank will also inject 18 trillion yen into money markets to help banks and other financial institutions in quake-hit areas raise necessary funds, according to the same report.