Business | Banking
Bank of Japan cuts key interest rate to 0.1 per cent
The Bank of Japan (BOJ) cut its key policy rate to 0.1 per cent on Friday and took other steps to ease corporate credit strains.
- Agencies
- Published: 10:30 December 19, 2008
Tokyo: The Bank of Japan (BOJ) cut its key policy rate to 0.1 per cent on Friday and took other steps to ease corporate credit strains.
The decision, which follows Tuesday's dramatic rate cut by the Federal Reserve, was made by a vote of 7-1.
Board member Tadao Noda voted against the rate decision, which takes effect immediately.
BOJ Governor Masaaki Shirakawa will hold a news conference later in the day.
Japan is already in recession as companies such as carmakers Toyota and Honda slash output as customers close their wallets worldwide.
More from Banking
More from Business
Business Editor's choice
-
Saudi-Bahraini economic ties hit new high
Whilst press reports continue speculating on a possible new political structure defining ties between Saudi Arabia and Bahrain, facts on the ground confirm ever- stronger economic ties between the two neighbours
-
Cupid targets the Fed with early tweets
Declarations range from pure romance to cute overtures and racier fare
-
Do unemployment figures flatter to deceive?
Jobseekers and recruiters give out mixed signals ranging from optimism to downright despair even as official data show recovery
