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Japan's central bank drains 2.2 trillion yen from market
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16:24, October 15, 2008

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The Bank of Japan (BOJ) pulled out 2.2 trillion yen from the Tokyo money market Wednesday, the first fund-absorption operation after it kept pumping money for 19 straight business days.

The central bank saw excess funds in the market for the day, after pumping liquidity since the failure of U.S. investment bank Lehman Brothers Holdings Inc. on Sept. 15.

After draining 1 trillion yen in the morning, the central bank absorbed an additional 1.2 trillion yen from the money market in the afternoon.

Unsecured overnight call money rates that are applied to banks borrowing from each other were around or below the BOJ's official target of around 0.5 percent Wednesday.


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