Bank of Japan Supplying Large Amount

Japan''s central bank is supplying a large amount of funds to the markets, following the Group of Seven pledges to stabilize the financial markets. Japanese (NHK WORLD) reported that the G7 finance ministers and central bank governors issued a statement on early Monday. The statement says G-7 members are ready to take action to ensure stability and liquidity in financial markets. In response to the statement, the Bank of Japan decided to keep a large amount of yen the bank injected last week. The central bank injected a record level of the yen in its intervention on last Thursday for the yen selling. The central bank hopes to quell financial players'' uneasiness by keeping ample liquidity in the market. The Bank of Japan says that the amount of funds in the market on Monday is expected to exceed 4.7 trillion yen or about 60 billion dollars. The bank plans to keep a close watch on the market and supply sufficient funds whenever necessary.