Japan’s central bank cuts interest rate to zero, almost

By Andy Rice 5 October 2010

On Tuesday the Japanese Central Bank cut its call rate target to zero to 0.1%. Previously the rate had been set at 0.1%. The decision was unanimous, and reflects the country's continuing economic woes - not helped by a strong yen and deflation. The bank also announced that it is considering setting up a ¥5 trillion fund that will be used to buy government securities and bonds to inject some life into the faltering economy. Read more: AP, via New York Times

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"A long habit of not thinking a thing wrong gives it a superficial appearance of being right and raises at first a formidable outcry in defence of custom. But the tumult soon subsides. Time makes more converts than reason." ~ Thomas Paine

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