Japan's central bank keeps same key interest rate | Inquirer Business

Japan’s central bank keeps same key interest rate

/ 11:56 AM May 20, 2011

TOKYO — Japan’s central bank says it is keeping its key interest rate unchanged at virtually zero to shore up a lackluster economy.

The Bank of Japan’s nine-member policy board voted unanimously at a meeting Friday to keep the overnight call rate target at zero to 0.1 percent. The decision was widely expected.

Japan’s government said Thursday the world’s No. 3 economy shrank in the January-March quarter, veering back into recession as factory production and consumer spending wilted in the aftermath of March 11 earthquake and tsunami.

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TAGS: Banking, Economy and Business and Finance, World Financial Crisis

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