Bank of Japan Moves to Rescue Financial Markets

The central bank of Japan has supplied a record JPY 15 T - or EUR 191 B to banks on Monday and doubled its asset buying scheme to JPY 10 T to shore up confidence in the economy.

The central bank's measures were provoked by the situation at the Japanese stock market which plunged 6.2pc at the shock of Friday's 9 magnitude earthquake and he devastating tsunami it triggered.

Policy makers said they were concerned corporate and household sentiment will worsen, with production set to decline in the aftermath of the earthquake and the tsunami, according to Bloomberg.

The number of casualties from the devastating 9 point magnitude on the Richter scale earthquake and following tsunami that struck Japan on March 11 is still unknown. According to the Japanese news agency Kyodo, 4 500 have died or are still missing. Some 2 000 bodies were found on the coast of the Miyagi prefecture. Another 1 000 were discovered on the Oshika peninsula and about the same number in the town of Minamissanriku, according to the Russian Gazetta.ru.

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