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Japan interest rate left unchanged

April 9, 2008 at 8:00 AM   |   Comments

TOKYO, April 9 (UPI) -- The Bank of Japan, in an expected move, Wednesday left its short-term interest rate unchanged at 0.5 percent.

The decision on the unsecured overnight call money comes amid concerns of a recession in the United States and a global credit crunch, which could impact Japan's recovery.

The bank said the decision was unanimous among all seven members of its policy board, Kyodo news service reported. The rate has been in effect since last February.

BOJ has been without a governor for the past three weeks but Wednesday parliament cleared the way for Masaaki Shirakawa to take the job, the report said.

© 2008 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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