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BoJ cuts by 20 bps and revises growth sharply down
Fri, Oct 31 2008, 13:11 GMT
by Flemming J. Nielsen
Danske Bank A/S | View company's profile
The Bank of Japan (BoJ) this morning cut its leading O/N target interest rate by 20 bps to 0.3% in a split 4-4 decision. Three dissenting board members voted for cutting the O/N target rate by 25 bps (most likely Suda, Nakamura and Kamezaki) and one member voted for leaving the leading interest rate unchanged at 0.5% (most likely Mizuno). The rest of the board, including board Governor Shirakawa and his two deputy governors, voted for a 20 bp cut. At the press briefing Shirakawa said that they did not want to cut by more than 20 bp, because that might disrupt the functioning of the money market. A 25 bp rate cut was expected.
Published on Fri, Oct 31 2008, 13:13 GMT
Danske Bank
| Holmens Kanal 2-12, DK-1092 Copenhagen
http://www.danskebank.com/ | danskeresearch@danskebank.com
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This publication has been prepared by Danske Bank for information purposes only. It is not an offer or solicitation of any offer to purchase or sell any financial instrument. Whilst reasonable care has been taken to ensure that its contents are not untrue or misleading, no representation is made as to its accuracy or completeness and no liability is accepted for any loss arising from reliance on it. Danske Bank, its affiliates or staff, may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives), of any issuer mentioned herein. Danske Bank's research analysts are not permitted to invest in securities under coverage in their research sector. This publication is not intended for private customers in the UK or any person in the US. Danske Bank A/S is regulated by the FSA for the conduct of designated investment business in the UK and is a member of the London Stock Exchange. Copyright () Danske Bank A/S. All rights reserved. This publication is protected by copyright and may not be reproduced in whole or in part without permission.
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