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BoJ cuts interest rates to 0.1

TOKYO: The Bank of Japan cut already low interest rates close to zero Friday, saying conditions in the world's second largest economy would worsen. The cut to 0.1 percent of its key rate came with Japanese business confidence at a seven-year low and the nation eyeing its most protracted post-War recession. The dollar gained slightly...

SAMAA | - Posted: Dec 19, 2008 | Last Updated: 12 years ago
SAMAA |
Posted: Dec 19, 2008 | Last Updated: 12 years ago
BoJ cuts interest rates to 0.1

TOKYO: The Bank of Japan cut already low interest rates close to zero Friday, saying conditions in the world's second largest economy would worsen.

The cut to 0.1 percent of its key rate came with Japanese business
confidence at a seven-year low and the nation eyeing its most protracted
post-War recession.

The dollar gained slightly against the yen on the move but was on course
for its biggest weekly fall in 23 years.

World car No.1 Toyota, without an operating loss since its founding, was
the subject of media scrutiny ahead of a news briefing Monday, when the Nikkei reported it would announce its first parent-only operating loss forecast for the current year.

Other Japanese media had less severe outlooks for Toyota, but plunging
sales and a surging yen have hit all Japanese automakers hard.

Toyota made an operating profit of around 5.8 billion (USD) in the first
half of the year, so the loss would have to be even larger in the last six months to put it in the red.

Investors sold HSBC shares on dividend concerns, while Bank of America
reportedly will shelve plans to sell 3 billion (USD) in China Construction Bank stock after objections from Beijing.

Regional investors will closely watch developments on a possible U.S. auto bailout, with sources telling Reuters that emergency federal loans could come for GM and Chrysler later Friday.

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