BOJ offers to buy ¥500 billion in unscheduled repo operation

The Bank of Japan (BOJ) has offered to inject 500 billion yen into the system via an unscheduled repo operation. So far the news has not had a big impact on USD/JPY. The pair is currently trading near 105.05, having hit a low of 104.50 in early Asia.

BOJ's move comes a day after the Federal Reserve unleashed a massive unleashed massive liquidity worth $1.5 trillion in an effort to quell liquidity fears to combat "temporary disruptions" in funding markets.