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The Bank of Japan (BOJ) poured 15 trillion yen ($184 billion) into the country's financial markets Monday, in order to soothe the money market shaken by Friday's earthquake and tsunami. "What we were most concerned about was the possibility that increases in anxiety and risk-aversion moves would negatively affect the real economy, so we judged it appropriate to mainly boost purchases of risk assets," BOJ governor Masaaki Shirakawa said. The bank will provide an additional 3 trillion yen ($37 billion) tomorrow. However, the measure did not prevent shares from falling in Tokyo. The Tokyo Stock Exchange saw a massive sell-off of some 23.5 trillion yen ($287 billion) Monday, with investors dumping stocks. Tokyo shares plunged 6.11 percent Monday afternoon with the key Nikkei index slumping below 10,000 to its lowest levels since November, down 626.48 points at 9,627.95, according to Reuters. The government has said it expects a "considerable" economic impact from the huge earthquake and devastating tsunami that plunged the nation into what Prime Minister Naoto Kan called its worst crisis since World War II. Economists say it is still too early to assess the cost of the destruction from the record 9.0-magnitude quake, but the crisis struck at the worst pos-sible time, as Britain's Daily Telegraph commented. Agencies |
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