BoJ holds rate steady amid market turmoil
Wednesday, 8 October 2008
TOKYO, Oct 7 (AFP): Japan's central bank said today that it was holding its key interest rate steady at 0.5 per cent, as fresh turmoil erupted on global financial markets.
The policy board made the decision unanimously at the end of a two-day meeting, the Bank of Japan (BoJ) said in a statement.
The markets had not expected any change in the interest rate, which is the lowest among major economies and has been held steady since February 2007.
But there is growing speculation that the world's top central banks may step up joint efforts to try to contain the mayhem on global financial markets.
Investors in particular are looking for any hints of possible coordinated interest rate cuts to try to shore up markets and the economy. Finance chiefs from the Group of Seven (G7) rich nations are set to meet Friday in Washington.
The policy board made the decision unanimously at the end of a two-day meeting, the Bank of Japan (BoJ) said in a statement.
The markets had not expected any change in the interest rate, which is the lowest among major economies and has been held steady since February 2007.
But there is growing speculation that the world's top central banks may step up joint efforts to try to contain the mayhem on global financial markets.
Investors in particular are looking for any hints of possible coordinated interest rate cuts to try to shore up markets and the economy. Finance chiefs from the Group of Seven (G7) rich nations are set to meet Friday in Washington.