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Bank of Japan cuts growth forecast, holds key rate

Bank of Japan cuts growth forecast, holds key rate

Japan's central bank cuts its economic growth forecast for the current fiscal year, due to the effects of the March 11 earthquake and tsunami.
The Bank of Japan said Tuesday that members of its policy board lowered their expectations for economic growth to 0.4 percent from 0.6 percent.
But it said in a statement it expects the economy to achieve moderate growth in the second half of the current fiscal year ending March 2012.
The central bank also said all nine members of its policy board voted to maintain the overnight call rate target at zero to 0.1 percent. That decision was widely expected and came after a one-day meeting.


Updated : 2020-12-04 08:06 GMT+08:00