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| Bank of Japan injects $76bn into markets as yen rises | Bank of Japan injects $76bn into markets as yen rises |
| (about 2 hours later) | |
| The Bank of Japan (BOJ) has pumped 6 trillion yen ($76bn; £47bn) into the country's financial markets in a bid to stabilise them. | The Bank of Japan (BOJ) has pumped 6 trillion yen ($76bn; £47bn) into the country's financial markets in a bid to stabilise them. |
| The move comes after the yen rose to its highest level against the US dollar since World War II. | |
| The yen climbed as high as 76.25 against the dollar on Wednesday. In Asia on Thursday, it fell to 79.42. | The yen climbed as high as 76.25 against the dollar on Wednesday. In Asia on Thursday, it fell to 79.42. |
| The BOJ has now injected a total of 34tn yen into the markets after last Friday's earthquake and tsunami. | The BOJ has now injected a total of 34tn yen into the markets after last Friday's earthquake and tsunami. |
| The central bank is keen not only to ensure calm in the markets, but also to keep the value to its currency in check. | The central bank is keen not only to ensure calm in the markets, but also to keep the value to its currency in check. |
| To this end, it pumped 5tn yen into the markets on Thursday morning, before injecting a further 1tn yen in the afternoon. | To this end, it pumped 5tn yen into the markets on Thursday morning, before injecting a further 1tn yen in the afternoon. |
| A stronger yen is detrimental for the export-dependent Japanese economy. | A stronger yen is detrimental for the export-dependent Japanese economy. |
| It not only makes its goods more expensive but also hurts the profits of some of its biggest companies when the repatriate their foreign earnings back home. | It not only makes its goods more expensive but also hurts the profits of some of its biggest companies when the repatriate their foreign earnings back home. |
| Meanwhile, the finance ministers of the G7 nations have called an emergency meeting to discuss the volatility in world markets and the impact of a stronger yen on the global economy. | Meanwhile, the finance ministers of the G7 nations have called an emergency meeting to discuss the volatility in world markets and the impact of a stronger yen on the global economy. |