Banks refusing funds from BOJ

JAPAN - Japanese monetary policy encountered a significant hitch yesterday, 9 May, after it failed to persuade banks to accept any more funds. The money was virtually free as interest rates in Japan are close to zero.

ARTICLE - The bank attempted to inject 600bn (£3.4bn) into the markets but could only persuade the banks to accept an additional 234bn because they have no desire for extra cash.

This is a phenomena which has almost never been seen before in a western country and has only occurred

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