The Bank of Japan on Wednesday kept its benchmark interest rate unchanged at 0.50 percent amid global financial market turmoil and a weakening domestic economy.
In a post-meeting statement, the central bank stuck with its description of economic growth as "sluggish against the backdrop of high energy and materials prices and weaker growth in exports."
The key interest rate has remained the same since February 2007and was widely expected to be unchanged this time.
The policy board made the decision unanimously at the end of a two-day meeting, according to the statement issued by the bank.
The central bank has pumped a total of 5.5 trillion yen (51.6 billion dollars) into the money markets since Tuesday, in a bid to mitigate the negative effect after U.S. investment bank Lehman Brothers collapsed on Monday.
Source:Xinhua
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