The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
September 18, 2008 Bank of Japan Coordinated Measures Designed to Address Elevated Pressures in Short-Term Funding Markets Today, the Bank of Canada, the Bank of England, the European Central Bank (ECB), the Federal Reserve, the Bank of Japan and the Swiss National Bank are announcing coordinated measures designed to address the continued elevated pressures in U.S. dollar short-term funding markets. These measures, together with other actions taken in the last few days by individual central banks, are designed to improve the liquidity conditions in global financial markets. The central banks continue to work together closely and will take appropriate steps to address the ongoing pressures. Bank of Japan Action At the unscheduled Monetary Policy Meeting held today, the Bank of Japan concluded a U.S. dollar swap agreement with the Federal Reserve of up to USD 60 billion and decided to introduce U.S. dollar funds-supplying operations, with the funds provided under the agreement, to supply U.S. dollar funds to market participants in Japan, in conjunction with the Federal Reserve. The Bank will supply U.S. dollar funds appropriately in view of the prevailing market conditions. The Bank will continue to strive to maintain market stability through money market operations. Information on Related Actions Being Taken by Central Banks Information on the actions that will be taken by central banks is available at the following websites: Bank of Canada Bank of England European Central Bank Federal Reserve Swiss National Bank http://www.bankofcanada.ca http://www.bankofengland.co.uk http://www.ecb.int http://www.federalreserve.gov http://www.snb.ch
@FedFRASER