Breaking News Alert The New York Times Tue, October 05, 2010 -- 1:05 AM ET
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Bank of Japan Cuts Benchmark Interest Rate to As Low As 0%
The Bank of Japan on Tuesday unexpectedly cut its benchmark interest rate from 0.1 percent to a range of 0 to 0.1 percent. The unanimous decision came after a two-day meeting of the bank's nine-member policy board and is the first change of Japan's key rate since December 2008.
The move had important symbolic impact, signaling the bank is willing to take action to spur the ailing economy despite the risks of deflation from further cuts in interest rates.
Tokyo's Nikkei stock market average rose by more than 1.5 percent after the announcement.
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Typed it before, will type it again: the Official Position of Just Another Blog™ is in complete & absolute favor of deflation. Your cash is nothing but trash anyway.
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