Japanese interest rates unchanged, growth set to drop
AFP, April, 2008
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TOKYO (AFP) — Japan's central bank said on Wednesday that it had decided to leave its main interest rate unchanged at 0.5 percent at the end of a one-day meeting, amid worries about the health of the global economy.
The news comes as the central bank also cut its economic growth forecast to 1.5 percent for this fiscal year and signalled a shift from its previous policy which had favoured gradual interest rate hikes.
The Bank of Japan in 2006 raised interest rates for the first time in almost six years. It hiked rates again in February last year but has held them steady since then amid worries about the economic climate and financial market volatility.
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The decision was made unanimously by seven members of the monetary policy board, which currently has two vacancies.
The BoJ gave no immediate explanation for the decision, which had been ...
