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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
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
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