Japanese rates on hold, strong growth won't last

The Bank of Japan opted to leave rates unchanged for the 14th straight month and said the recent surge in growth would prove short-lived.

For the third consecutive month, the nine-member monetary policy board unanimously voted to keep the benchmark uncollateralised overnight call rate at 0.5%.

Government figures published on Thursday put fourth-quarter growth at 3.7%, far higher than earlier estimates. The boost has eased pressure on the central bank to cut rates.

However, the central bank's

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