In a clear sign that the scramble for cash was easing, the Bank of Japan (BOJ) today drained 1.6 trillion yen ($13.6 billion) from the banking system in two operations - reversing two days of injections as surplus funds drove down the inter-bank call rate. According to agency reports, the Reserve Bank of Australia (RBA) added A$2.6 billion ($2.2 billion) in its regular operation - a little higher than average but modest compared to Friday's A$4.9 billion injection. The central bank has injected A$9.10 billion via repurchase agreements to the banking system since August 10. The calmer tone in the Asian money markets followed fresh action by the European Central Bank (ECB), which lent out 47.67 billion euros ($65.29 billion) in overnight funds on Monday. That was the third straight session of sizable injections, but half the size of the 94.8 billion euros injected last Thursday.The US Federal Reserve added a modest $2 billion in extra cash on Monday - far below the $38 billion injected to stabilise money markets on Friday.
