Global market meltdown.central banks of Australia, Britain, Canada, Denmark, Norway, Sweden and Switzerland

Bank of Japan said Monday it was doubling a dollar swap to 120 billion dollars as part of the latest coordinated action by the world's central banks to contain a global market meltdown.The Japanese central bank said it held an emergency policy board meeting at which it agreed to pour up to 120 billion US dollars onto the money markets through April.It had agreed on September 18 to a swap facility of up to 60 billion dollars through January.The Bank of Japan said it was taking action in response to "continued strains" on money markets due to the turmoil on Wall Street.
"Central banks will continue to work together closely and are prepared to take appropriate steps as needed to address funding pressures," a Bank of Japan statement said.The central bank said it kept interest rates unchanged at 0.5 percent at the special meeting.The US Federal Reserve and European Union are part of the latest global effort, the Bank of Japan said.
The central banks of Australia, Britain, Canada, Denmark, Norway, Sweden and Switzerland are also taking part, it said.