再び探すのは面倒なので、取りあえず張り付けておきます。

Japan Injects 1 Trillion Yen Into Market

AP
Japan Injects 1 Trillion Yen Into Market
Friday August 10, 7:50 am ET
By Yuri Kageyama, AP Business Writer
Japan's Central Bank Injects 1 Trillion Yen Into Money Markets


TOKYO (AP) -- Japan's central bank injected 1 trillion yen into money markets Friday amid a Tokyo stock plunge and growing global worries about dubious U.S. mortgages.
The Bank of Japan joined similar overnight moves by the U.S. and European counterparts -- the first time the central banks took such action together since the Sept. 11, 2001, terrorist attacks. The Australian central bank also followed suit.

But Japanese Economy Minister Hiroko Ota tried to allay fears about a fallout on the Japanese financial system, calling the damage from U.S. subprime mortgages "limited."

"It's hard to tell how the subprime issue will affect the Japanese economy right now," she told reporters. "Its impact on the country's real economy is limited, but I will closely monitor its effects."

The Bank of Japan's $8.4 billion measure, designed to curb an overnight jump in a key interest rate, came as the Nikkei 225 index plunged in early trading, following a sharp decline on Wall Street overnight. The Tokyo benchmark lost 2.4 percent, while the broader Topix dropped nearly 3 percent by the end of session.

The impact in Japan from the credit market problems in the U.S. was more widespread than initially thought, said Takahiro Tazaki, head of structured credit and securitization research, Japan, at Barclays Capital.

"This is a very serious problem," he said, adding that short-term volatility on equities was likely.

"The exposure to hedge funds and others has never been totally clear in Japan. But when you take in regional banks, life insurers and so on then there's got to be a great deal of exposure," Tazaki said.

The Reserve Bank of Australia injected 4.95 billion Australian dollars ($4.19 billion; 3.05 billion euros) into the money market, more than double the daily average.

The central banks in South Korea and Singapore said they were prepared to intervene if needed, although Jang Byung-Wha, director-general in the Bank of Korea's financial markets department, said Korean financial institutions had not invested large amounts in subprime mortgages.

"We will stand ready to inject liquidity," Ong Chong Tee, Deputy Managing Director at the Monetary Authority of Singapore said. "At this stage market conditions remain relatively stable."

Friday, Aozora Bank Ltd. said it had about 21 billion yen ($178.2 million) worth of exposure to consolidated debt obligations related to U.S. subprime loans as of the end of June. Aozora wrote off 4.48 billion yen ($38.0 million) of these assets in its earnings for the first quarter ended June.

The Bank of Japan's cash injection followed similar measures in Europe and the U.S. The European Central Bank provided nearly 95 billion euros ($130.8 billion) to money markets, the bank's biggest infusion ever.

The U.S. Federal Reserve added a larger-than-normal $24 billion in temporary reserves to the U.S. banking system.

Overnight, the Dow slid 2.8 percent, continuing a pattern of triple-digit swings that have occurred since July 19.

Market expectation lately has been for the Bank of Japan to raise the benchmark rate to 0.75 percent from 0.5 percent at its two-day policy board meeting ending Aug. 23. The top government spokesman expressed confidence in the central bank.

"The financial authorities are always working closely internationally. I think they will make the right decisions," said Chief Cabinet Secretary Yasuhisa Shiozaki.

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ちなみにこのニュースは日本でも既に報道されています。

日銀、1兆円供給し公開市場操作・サブプライム問題受け

日銀は10日午前、短期金融市場に即日で1兆円を供給する公開市場操作(オペ)を実施した。米国のサブプライムローン問題を受け、市場金利が上昇しやすくなっているためだ。前日には欧州中央銀行(ECB)や米連邦準備理事会(FRB)が相次いで資金供給を実施しており、これに追随する形となった。

 金融機関同士が資金をやり取りする無担保コール翌日物の市場では、取引が始まった直後から日銀の誘導目標(0.5%)を上回る0.53%前後が取引の中心となっていた。欧米市場でサブプライム問題に絡む信用収縮懸念が広がったことで、外国銀行を中心に資金を多めに手当てする動きが出ている。資金の出し手である国内銀行は運用にやや慎重になっており、金利が上昇しやすくなっている。

 これを受けて日銀は即日の供給オペを実施。その後も金利は0.52―0.53%程度で推移している。日銀は「金利上昇を抑えるためのオペで、海外の中央銀行と協調したわけではない」(幹部)としている。 (8/10 12:16)

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