Japanese Yen Drops as Central Bank Pumps Money

The Japanese yen tumbled today after the Bank of Japan pumped money into the nation’s financial system to help the country in dealing with the consequences of the 8.9-magnitude earthquake on March 11.

The BoJ will add ¥15 trillion ($183 billion) to Japan’s economy and increase its asset-purchase program. The 8.9-magnitude earthquake on March 11 and the tsunami, caused by the tremor, have killed 10,000, according to the preliminary estimates of the police, in Miyagi prefecture north of Tokyo.

USD/JPY traded at 82.04 as of 11:01 GMT today after it opened at 81.44 and jumped to 82.43, while EUR/JPY surged from 113.52 to 114.60.

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