Australia And Japan Inject Over $11 Billion

The central banks of Australia and Japan have pumped more than $11 billion into their financial systems to ease their money market rates, which were close to near record highs as banks hoard their cash reserves. The Bank of Japan has added approximately 1 trillion yen, or $9.8 billion dollars, while the Reserve Bank of Australia has added A$1.8 billion, which equates to $1.3 billion. The massive asset bubble has been deflating and is encompassing everything. Banks have been storing their cash to help shore up their asset sheets and this has caused the times of easy credit to dry up as well. Later tonight, both the Bank of Japan and the Reserve Bank of Australia will be releasing their interest rate changes. The Bank of Japan is expected to stay on hold at 0.5 percent, while Australia is expected to cut 50 basis points to 6.5 percent.

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