US banks (and commercial banks, for that matter) are not the only one’s raising reserves for a rainy day. The Bank of Japan is doing the same, shifting 15% of its 2008 profit to statutory reserves to guard against a downturn in assets purchased to free-up the credit markets. They will move about JPY 45 bln into their reserve account, the Nikkei reports.
USD/JPY is steady as a rock, trading quietly at 98.85.
