The global credit crunch has made financial markets “extremely skittish,” said the central bank's governor, Glenn Stevens. Central banks last week injected $290 billion globally into money markets on concern access to credit would dry up amid U. Global financial markets need Japan's benchmark interest rate to be returned to “normal,” Stevens said during his semiannual testimony to a parliamentary committee. South Korea's finance minister, Kwon O Kyu, said this week that carry trades based on the Japanese currency threatened global markets. read more
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