Japan to withdraw 600 billion yen from money market

TOKYO, Aug 14, 2007 (AFP) – The Bank of Japan said Tuesday it will withdraw 600 billion yen (5.0 billion dollars) from the short-term money market through sales of treasury notes, a move aimed at easing excessive liquidity. The step came after the central bank had injected 600 billion yen into the banking system on Monday following a one-trillion-yen injection on Friday. It was part of a concerted global action by top central banks to ward off a credit crunch amid the fallout from the US sub-prime mortgage problems.

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