TIME IS REALLY MONEY>JAPAN WILL PUMP $60 BILLION INTO BANKS

Japanese officials said Monday they will backstop the country's financial system with a cash injection of more than $60 billion to buffer it against the impact of last week's devastating earthquake and tsunami.

The Bank of Japan added ¥5 trillion to its existing Asset Purchase Program, bring the total up to ¥40 trillion. In U.S. dollars, this translates to an increase of $61 billion, bringing to the total up to $489 billion.


Japanese officials said that the increase, mainly through the purchase of risk assets, is for "preempting a deterioration in business sentiment and an increase in risk aversion in financial markets from adversely affecting economic activity."

The Bank of Japan said the purchase is of a mix of assets, including Japanese government bonds, Treasury discount bills and corporate bonds.

The aim is to make sure the banks have enough cash on hand to meet demands of panicky investors and cover withdrawal demands of bank customers.
Full CNN coverage of quake and its aftermath

Officials will rigidly monitor the markets to prevent any transactions by people trying take advantage of the disaster, Japanese Minister for Financial Services Shozaburo Jimi said Sunday. Specifically, the ministry will ban so-called naked short selling, which can cause a run on stocks.

The earthquake hit off the coast of Japan, several hundred miles from Tokyo, just before the close of trading in Japanese markets on Friday afternoon. The benchmark Nikkei 225 stock index closed down 6% on Monday.

Friday's earthquake -- the most powerful to hit Japan in at least 100 years -- unleashed walls of water that caused widespread damage. By official counts, 1,833 people have died and thousands are missing. Fears remain that the toll could go much higher.

*Now do you see why japan people stand up and support there government..They had an really really bad tragedy happen friday.On Monday they GOVERNMENT is pumping BILLIONS-NOT MILLIONS TO GET IT RESTORED..UNITED STATES TAKE LESSONS FROM JAPAN*

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