March 17 (Reuters) - The Bank of Japan on Thursday offered to inject a further 5 trillion yen ($61 billion) into the banking system, continuing its effort to calm markets in the wake of the yen's spike to a record high against the dollar.These adds to the $700 billion already printed in the previous 3 days.
March 16 (Canadian Press) Japan's central bank continued to flood money markets with cash on Wednesday, bringing its total emergency funding to nearly $700 billion as it tries to soothe fears about the economic impact of the catastrophic earthquake, tsunami and unfolding nuclear crisis.It took Bernanke and his QE 2 6 months to print $700 billion, and Shirakawa has now reached $750 billion in 4 days.
The Bank of Japan conducted emergency operations for the the third day in a row, bringing its total liquidity injection to 55.6 trillion yen ($688.3 billion) since Monday. By flooding the banking system with money, it hopes banks will continue lending and meet the likely surge in demand for post-disaster funds.
As I said yesterday, I am worried that Bernanke and Trichet, the two challengers for the gold medal of money printers, might find the challenge interesting, and also find a new source of inspiration in Governor Masaaki Shirakawa, who by the way, seem to be worshiping Gideon Gono, The Reserve Bank of Zimbabwe Governor.