Japan Plummets 5%; BoJ Injects $146B

Japan is getting shellacked — earthquake, tsunami, partial nuclear meltdown, and now stock market whackage.

Here’s Bloomberg:

BOJ Pours Record $146 Billion Into Financial System After Quake

“The Bank of Japan poured a record 12 trillion yen ($146 billion) into the world’s third-biggest economy today as the strongest earthquake in the nation’s history triggered a plunge in stocks and surge in credit risk.

The yen fell after the central bank added funds to the financial system, reversing earlier gains against the dollar on speculation authorities would sell the currency to aid exporters. Governor Masaaki Shirakawa yesterday said he is ready to unleash “massive” liquidity to support markets . . .

Japan faces power blackouts, the risk of meltdowns at a nuclear power station, and a predicted death toll of more than 10,000 after the 8.9-magnitude temblor and subsequent tsunami devastated northeastern regions. More than 350,000 people are in emergency shelters. The central bank, meeting from noon in Tokyo, may respond to the disaster with tools other than policy rates, already cut to near zero to counter deflation.”

You can make donations to rescue efforts in Japan here.

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