Bank of Japan unexpectedly drops interest rates

10/5/2010 | Reuters

In a surprise move, the Bank of Japan reduced interest rates and vowed to maintain ultra-low rates until prices stabilise. The central bank also plans to establish a temporary, 35 trillion yen fund to purchase asset-backed securities, commercial paper and other collateral assets. The BoJ had maintained interest rates at 0.1% for about two years.

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