Japan's Central Bank to Cut Discount Rate to 0.25 PercentThe Bank of Japan (BOJ) said Wednesday it will cut its official discount rate by 0.10 percentage point to a record low of 0.25 percent, effective Thursday, in an effort to boost the stalled Japanese economy.The Japanese central bank said it will also reduce the closely watched target rate for overnight call money by 0.10 percentage point to around 0.15 percent. The decision was made at the day's meeting of the bank's Policy Board, the bank said. The announcement came only 19 days after the central bank trimmed the same, charged on BOJ loans to financial institutions, to 0.35 percent in a surprise announcement of February 9. The February 9 cut itself marked the first time since September 1995 when the bank cut the largely symbolic discount rate. |
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