Japan's Mizuno dismisses rate cut calls

Atsushi Mizuno, a member of the Bank of Japan's rate-setting council, has said a rate cut would be unjustified even on signs that the world's second-largest economy is slowing.

Mizuno acknowledged that the economy was set for a "somewhat prolonged" slowdown. But he said that at 0.5%, the central bank's benchmark rate was already "very accommodative" and that recent history indicated that further cuts were unlikely to have a significant impact.

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