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AP
Bank of Japan Leaves Rates Unchanged
Friday October 13, 1:50 am ET
By Carl Freire, Associated Press Writer
Bank of Japan Leaves Interest Rates Unchanged; Raised It in July for First Time in 6 Years
TOKYO (AP) -- The Bank of Japan's policy board voted unanimously to leave interest rates unchanged, as widely expected, at the end of a two-day meeting Friday.
In July, the central bank had raised a key interest rate for the first time in six years, lifting it to 0.25 percent from virtually zero, reflecting its confidence in the nation's recovery.
The BOJ's decision had been widely expected, as there have been no significant developments in the economy and markets since that July milestone.
Market players were also aware that the BOJ is monitoring the effect on the Japanese economy from the U.S. economy, which appears to be slowing.
With prices rising again after years of deflation, or falling prices, analysts have been speculating about when the Bank of Japan will next raise rates. The nation's core consumer price index rose 0.3 percent in August after rising 0.2 percent in July.
Earlier Friday, Finance Minister Koji Omi said he hoped the Bank of Japan would keep supporting the current economic recovery with its monetary policy.
Omi also struck an optimistic note about the nation's economic recovery, which is about to match the longest postwar period of economic expansion, a 4 1/2-year period from 1965 to 1970. The current recovery is considered to have started in February 2002, based on government data, including gross domestic product.
"The economy is recovering steadily at the moment. I can't say for sure whether it will remain so, but I'm not much concerned about the future," Omi told reporters at a regular press conference.
BOJ Governor Toshihiko Fukui said Thursday that the central bank will gradually adjust interest rates while closely watching economic developments.
"As we monitor the economy, we will adjust rates slowly and carefully," Fukui told the Upper House budget committee.