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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
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