The Bank of Japan injected 3 trillion yen (30.24 billion dollars) into the banking system Monday as financial institutions increased their cash reserves amid rising demand for funds at the end of the 2007 fiscal year, DPA reported. The injection on the last day of the business year was the largest made in one day for same-day operations by the central bank since it terminated its near-zero interest rate policy in March 2006. The bank's action came after the key short-term interbank lending rate moved to 0.7 per cent, higher than the bank's target of 0.5 per cent.
