Japan to use forex reserves to fight credit crunch
TOKYO (AFP) — Japan said Wednesday it would use five billion dollars from its currency reserves to help companies raise funds as auto giant Toyota Motor asked the government for financial aid.
Tokyo's decision to dip into its one-trillion-dollar forex reserves underscores growing fears that a funding squeeze is deepening the country's worst recession in decades.
Finance Minister Kaoru Yosano described the move as an "extraordinary measure" in response to severe market conditions.
