Bank of Japan keeps interest rates at record low

| April 7, 2011 | 0 Comments

As widely expected, the Bank of Japan (BoJ) has today left interest rates in the range of zero to 0.1%, in a bid to boost the economy following the twin disasters which hit the north-east part of the country last month.

The country is battling to restore calm after an 8.9 magnitude earthquake and tsunami on 11 March.

The twin disasters have caused billions of pounds worth of damage and will impact on the country’s economic growth.

The central bank has been trying to maintain liquidity in the financial markets following the catastrophes and said: “Japan’s economy is under strong downward pressure, mainly on production, due to the earthquake.“

According to analysts, monetary policy is likely to remain unchanged in the short-term, in light of the current situation.

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