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http://www.shanghaidaily.com/sp/article/2008/200812/20081219/article_385124.htm
Japan cuts key interest rate to 0.1%
Created: 2008-12-19 13:45:54
JAPAN'S central bank has cut its key interest rate to 0.1 percent, seeking to stem fallout from a deepening economic slowdown.
The Bank of Japan said Friday that the policy board vote 7-1 to lower the uncollateralized overnight call rate target from 0.3 percent.
Expectations for a rate cut jumped following the U.S. Federal Reserve's move earlier this week to reduce its benchmark rate to a range of zero to 0.25 percent -- the lowest level on record.
Bank of Japanalso introduced new steps to pump more money into the banking system to thaw a growing credit crunch.
Market observers now await the comments by Bank of Japan Gov. Masaaki Shirakawa later in the afternoon.
The Bank of Japan said Friday that the policy board vote 7-1 to lower the uncollateralized overnight call rate target from 0.3 percent.
Expectations for a rate cut jumped following the U.S. Federal Reserve's move earlier this week to reduce its benchmark rate to a range of zero to 0.25 percent -- the lowest level on record.
Bank of Japanalso introduced new steps to pump more money into the banking system to thaw a growing credit crunch.
Market observers now await the comments by Bank of Japan Gov. Masaaki Shirakawa later in the afternoon.
Agencies
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