Japan cuts interest rates

The Bank of Japan has decided to cut its largely symbolic discount interest rate to 0.35% from 0.5%. However, Japan's key interest rate, called the overnight call rate, has been kept at 0.25%. The Bank of Japan (BoJ), led by governor Masaru Hayami, has not cut the discount rate since September 1995. The move to reduce the discount rate has been interpreted by some economists as an attempt by the central bank, which is independent, to increase pressure on the government to tackle the country

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