Japanese monetary policy: stealth liquidity

October 2008
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October 7th, 2008 · No Comments

$225B in three weeks?!

Shirakawa Downplays Speculation for Joint Rate Cut

The best way for central banks to counter the global
financial crisis is to provide liquidity, Shirakawa said. The
BOJ pumped 23 trillion yen ($225 billion) into the financial
system over the past three weeks, the most in at least six years,
as banks stored cash on concern other financial institutions may
follow Lehman Brothers Holdings Inc. into bankruptcy.

“It’s appropriate for each nation to make a judgment based
on its own economy and prices,” Shirakawa said at a press
conference in Tokyo after his board left the key interest rate
at 0.5 percent. Any coordinated action that doesn’t reflect this
would be “undesirable,” he said.

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