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TOKYO: The Bank of Japan said it injected 2.0 trillion yen (US$19.4 billion) into the Tokyo money market Tuesday as part of efforts by the world's central banks to ease a global credit crunch.
It was the 19th straight business day that the Bank of Japan has pumped funds into the financial system.
It added one trillion yen in the morning and the same amount again in the afternoon. It later drained 800 billion yen, suggesting an easing of strains in the credit market.
On Friday the central bank pumped 4.5 trillion yen into the money market, the most since the financial crisis started.
Japan's Nikkei stock index soared 14.15 per cent by the close Tuesday, its biggest-ever gain, as investors cheered international efforts to aid banks crippled by the credit crunch.
The benchmark rose 1,171.14 points to end at 9,447.57, rebounding after its largest loss in two decades on Friday. Japanese markets were shut Monday.
The Nikkei is still down 38 per cent in 2008, battered by worries about a global financial crisis and a worldwide economic slowdown.
- AFP/yb
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