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Japan: BoJ cuts leading rate by 20bp and turns to quantitative easing "light"
Fri, Dec 19 2008, 11:41 GMT
by Flemming J. Nielsen
Overview: As expected the Bank of Japan (BoJ) this morning cut its leading O/N target rate by 20 basis points to 0.1% in a seven-to-one vote - with one of the board hawks, Tadeo Noda, dissenting on the interest cut decision. In addition, the BoJ increased the target for outright purchase of Japanese government bonds (JGBs) and will soon start to purchase commercial paper outright. The BoJ also left the deposit rate (interest rate paid on banks excess reserves) unchanged at 0.1%. The interest rate on the deposit facility should effectively be the floor for short-term money market rates.
Published on Fri, Dec 19 2008, 11:44 GMT
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