Japan's hawk turns dove after building slump

- Central Banking staff
- 25 Jan 2008

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Atsushi Mizuno, the only member of the Bank of Japan to consistently back a rate hike during the second half of last year, changed tack in December due to the poor performance of the construction sector, minutes from the monetary policy meeting reveal.

Mizuno voted for a 25 basis point rise in the five months to December, but then opted to keep rates on hold as "the adverse effects from the revision of the Building Standard Law and other institutional changes as well as from higher prices for

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