On the Measures Announced by Five Central Banks on March 11, 2008

March 11, 2008
Bank of Japan

Since the coordinated actions taken in December 2007, the G-10 central banks have continued to work together closely and to consult regularly on liquidity pressures in funding markets. Pressures in some of these markets have recently increased again. We all continue to work together and will take appropriate steps to address those liquidity pressures.

To that end, today the Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, and the Swiss National Bank are announcing specific measures.

The Bank of Japan welcomes these measures and hopes that they will contribute to maintaining the functioning of the international financial markets. Amidst the turmoil in international financial markets, Japan's money markets continue to function relatively well thus far. The Bank will continue to conduct money market operations so appropriately as to maintain market stability, including supplying sufficient fund over the fiscal year-end.

Information on Related Actions Being Taken by Central Banks

Information on the actions that will be taken by central banks is available at the following websites:

Bank of Canada

http://www.bankofcanada.ca (Link to an external website)

Bank of England

http://www.bankofengland.co.uk (Link to an external website)

European Central Bank

http://www.ecb.int (Link to an external website)

Federal Reserve

http://www.federalreserve.gov (Link to an external website)

Swiss National Bank

http://www.snb.ch (Link to an external website)

Statement by Other Central Bank

Sveriges Riksbank

http://www.riksbank.se (Link to an external website)