Japan bank cuts interest rate to 0.1 percent

Tokyo, Dec 19: The Bank of Japan( BOJ) has reduced interest rates to 0.1 percent to support an economy that has recessed due to the global slump.

The BOJ board voted 7-1 to cut the unsecured overnight call loan rate target to 0.1percent from 0.30 percent. Expectations for a rate cut jumped following the US Federal Reserve's move earlier this week to reduce its benchmark rate to a range of zero to 0.25 percent — the lowest level on record.

BOJ has also announce new steps to pump more money into the banking system.

OneIndia News (With inputs from Agencies)