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Japan Acts to Calm Markets

<i> Reuters</i>

Japanese monetary authorities today reassured jittery financial markets here they are ready to act to counter any excessive market volatility following the outbreak of war in the Persian Gulf.

“The Bank of Japan intends to provide sufficient liquidity in financial markets . . . while watching market developments carefully,” bank Gov. Yasushi Mieno said.

The central bank moved quickly to inject $4.5 billion in funds into the banking system this morning and offered to provide another $4.5 billion Friday.

Finance Minister Ryutaro Hashimoto told a news conference that Japan will work closely with other major nations to help ensure stable currencies.

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