Business News
Bank of Japan keeps key interest rate unchanged at 0.5 per cent
Apr 9, 2008, 8:28 GMT
Tokyo - The Bank of Japan decided Wednesday to maintain its benchmark interest rate at 0.5 per cent.
Analysts expected the central bank's decision over concerns about the strength of the Japanese economy.
Seven policy board members voted unanimously to keep the short-term interest rate at the end of a two-day meeting as the bank's governorship remains vacant.
However, Deputy Governor Masaaki Shirakawa, who led the meeting, was expected to assume the bank's top post after the opposition-led upper house of the Diet approved his nomination Wednesday.
The governor's post has been vacant for three weeks after the opposition voted down two previous government nominees, saying it feared for the bank's independence if either of the former Finance Ministry officials were approved.
The lower house, controlled by the ruling coalition, was expected to approve Shirakawa's nomination later Wednesday.
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