Word: bankes
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After weeks of calls by the Japanese government to do something about deflation and the fast appreciating yen, the Bank of Japan held an emergency meeting Tuesday - and decided what the world's second largest economy needs is more money. Central bank governor Masaaki Shirakawa announced steps to step up monetary easing by injecting 10 trillion yen (about $115 billion) into Japan's financial system. Shirakawa told reporters that these steps could be considered "quantitative easing in a broad sense." The eight-member policy board also unanimously voted to maintain the Bank of Japan's key short-term interest rate...
...move toward quantitative easing has been expected in recent weeks, as Japan's Prime Minister Yukio Hatoyama and his administration have pressed the central bank to take steps to contain deflation, prevent another downturn in the economy, and to tame the runaway yen, now at 86 yen to the dollar compared to 93 a year ago. On Nov. 27, the dollar fell to a 14-year low against the yen, triggering concerns that the currency could start to unravel progress that stimulus spending has made on the economy this year, in part by wreaking havoc on export competitiveness...
...Tuesday, Deputy Prime Minister Naoto Kan, who is also the national strategy chief, and Finance Minister Hirohisa Fujii, stressed the importance of quantitative easing to the Bank of Japan. In turn, the Bank agreed to cooperate by lending 10 trillion yen, in the form of short-term loans, to commercial banks at the rate of 0.1%, and to accept government bonds and corporate debt as collateral...
Unsatisfied with her experience, she then accepted an offer from Chase Manhattan Bank. Alemany said the increased face-to-face interaction and exposure to tremendous amounts of global travel her banking job offered convinced her to build her financial career...
...That tacit policy has now changed. As part of an intensifying campaign to silence Iran's opposition, authorities in Tehran last week confiscated Ebadi's Nobel medal from a safety deposit box and froze her bank account, according to Ebadi and the Norwegian Foreign Ministry, which protested on behalf of the Nobel Committee in Oslo. A spokesman for the Iranian government denied that the medal was seized and said Ebadi's assets were frozen due to her failure to pay taxes. (See the top 10 players in Iran's power struggle...