TOKYO -- About half of dollar funding provided to global central banks by the U.S. Federal Reserve in response to pandemic-triggered liquidity concerns have gone to Japan, where banks are hungry for the greenback due to their expanding operations abroad.
Outstanding cross-currency swaps stood at $447 billion as of Thursday, according to the Federal Reserve Bank of New York. The Bank of Japan was the biggest taker on the list by far with $222 billion, about 50% more than the second-ranked European Central Bank at $145 billion. The difference was even more pronounced compared with others on the list, like the Bank of England at $23.1 billion.
