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Bank of Japan Holds Rates Steady at 0.3%
Friday, 21 November 2008 03:52:49 GMT
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In a unanimous vote today, the Bank of Japan held its benchmark interest rate at 0.30%. The previous meeting saw the bank cut rates by 20bp, the first of such moves in seven years.
It was also revealed that the reserve has also undergone studies to see how to make cash more readily available. With credit market tightening up, global central banks have found it difficult to induce lending amongst banks. New methods would include accepting a wider range of securities as collateral, the Bank of Japan statement said.
USDJPY traded through 94.64 at 23:53 EST.
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