BOJ Keeps Key Rate at 0.3%


The Bank of Japan held its benchmark interest rate at 0.3 percent and said it will consider pumping more money into the financial system to prop up an economy that fell into a recession last quarter.

Governor Masaaki Shirakawa instructed his staff to study new ways of making money available for lending, such as accepting corporate debt as collateral, the central bank said in a statement in Tokyo today. The unanimous rate decision followed a cut from 0.5 percent last month, the first in seven years.

Shirakawa later indicated that he is reluctant to revive the bank's 2001-2006 policy of keeping rates near zero because further reductions could freeze the money market by making it unprofitable for banks to lend to each other. The central bank could be forced to trim borrowing costs anyway should the global financial turmoil prolong Japan's downturn.

The governor also said businesses are struggling to get funding as the global credit crisis deepens.

Banks are hoarding cash on concern the global recession will cripple companies' capacity to repay debt. The balance of commercial paper, which companies use for short-term funding, fell to 12.8 trillion yen ($135 billion) last month, the lowest since March 2002.

Shirakawa told the central bank to ``swiftly'' look at ``possible changes in the treatment of corporate debt as collateral, as well as possible ways to enhance flexibility in funds-supplying operations collateralized by corporate debt,'' today's statement said.

Shirakawa acknowledged that banks' fund-raising costs had risen even after last month's rate cut. ``It's true that the effect of the latest rates cuts hasn't sufficiently spread through,'' because investors are concerned about the financial health of Japan's commercial banks, he said.

The Tokyo three-month interbank offered rate rose to 0.839 percent today, posting its biggest weekly advance since February 2007. It's 539 basis points higher than the key rate, compared with a 389 basis-point spread before the Oct. 31 reduction.


TradingEconomics.com, Bloomberg.comGovernor Masaaki Shirakawa instructed his staff to study new ways
11/21/2008 5:04:45 AM


Recent Releases

Bank of Japan Expands Stimulus
Japan’s central bank decided to launch another round of quantitative easing at its October meeting. The Bank raised its monetary base target by an additional 10-20 trillion yen and said it will make extra asset purchases. The move was quite unexpected and aims to fight deflation. Published on 2014-10-31

Japan Keeps Monetary Policy Unchanged
At its October meeting, the Bank of Japan maintained its pledge to increase the monetary base at an annual pace of 60-70 trillion yen. The central bank said it expects the trend of moderate recovery to continue, while citing some weakness on the production side, housing investment and business sentiment amid resilient private consumption and improving employment and income situation. Published on 2014-10-07

Japan Leaves Stimulus Program Unchanged
At its September meeting, the Bank of Japan kept its pledge to increase the monetary base at an annual pace of 60-70 trillion yen. The central bank said it expects the trend of moderate recovery to continue, while citing some weakness in housing investment, industrial production and exports. Published on 2014-09-04

Japan Maintains Monetary Policy Unchanged
On August 8th, the Bank of Japan decided to hold on with expanding its vast stimulus programme, saying the Japanese economy continued to recover in spite of decline in exports growth. Published on 2014-08-08

BoJ Stands Pat on Monetary Policy, Cuts Growth Outlook
On July 15th, the Bank of Japan decided unanimously to continue increasing monetary base at an annual pace of ¥60 trillion to ¥70 trillion and lowered growth outlook for the fiscal year of 2014 to 1 percent. Published on 2014-07-15

Bank of Japan Keeps Monetary Policy Unchanged
On June 13th, the Bank of Japan decided unanimously to continue increasing monetary base at an annual pace of ¥60 trillion to ¥70 trillion and raised its assessment on overseas economies. Published on 2014-06-13

BoJ Keeps Monetary Policy Unchanged
At its May 21st, 2014 meeting, Bank of Japan kept its pledge to increase the monetary base at an annual pace of 60-70 trillion yen, as it considers the bond-buying programme has been exerting its intended effects. Published on 2014-05-21

Japan Leaves Monetary Policy Steady
At its April 30th, 2014 meeting, the Bank of Japan decided to keep flooding the economy with new money at the same rate as it has been, despite tepid industrial production data and a recent sales tax rise, as the central bank considers it can grasp 2 percent inflation target by next year. Published on 2014-04-30

Bank of Japan Leaves Monetary Stimulus Unchanged
At its April 8th, 2014 meeting, the Bank of Japan maintained its commitment to increase base money at an annual pace of 60 trillion to 70 trillion yen, as widely expected, despite a sales tax hike, saying the economy is recovering moderately. Published on 2014-04-08

BoJ Leaves Monetary Policy Unchanged
Bank of Japan decided on March 11th to leave the monetary policy steady and keep buying enough government bonds to boost monetary base at an annual pace of about 60-70 trillion yen, saying the economy was picking up. Published on 2014-03-11

Bank of Japan Expands Loan Support Programme
At its February 18th, 2014 meeting, the Bank of Japan decided to keep boosting the monetary base at an annual pace of about 60-70 trillion yen. The central bank also decided to extend two facilities that were set to expire in April, aiming to stimulate bank lending. Published on 2014-02-18

Bank of Japan Leaves Rates Unchanged
Bank of Japan decided on January 22nd to leave monetary policy steady and keep buying enough government bonds to boost monetary base at an annual pace of about 60-70 trillion yen. The bank said prices were on track but there could be both upside and downside risks to price forecast that have not materialized. Published on 2014-01-22

Bank of Japan Leaves Stimulus Program Unchanged
Bank of Japan decided on December 20th to keep its monetary policy unchanged, citing the economy has been recovering moderately. The bank will keep conducting money market operations so that the monetary base will increase at an annual pace of about 60-70 trillion yen as long as it is necessary to achieve the price stability target of 2 percent. Published on 2013-12-20

Bank of Japan Keeps Monetary Policy on Hold in November
The Policy Board of the Bank of Japan decided on November 21st by a unanimous vote to keep conducting money market operations so that the monetary base will increase at an annual pace of about 60-70 trillion yen. The Bank said that will continue with quantitative and qualitative monetary easing as long as it is necessary to achieve the price stability target of 2 percent. Published on 2013-11-21

Bank of Japan Keeps Monetary Policy Unchanged
At the Monetary Policy Meeting held on October 31st, the Policy Board of the Bank of Japan decided to keep the monetary policy steady, as widely expected. Published on 2013-10-31

Bank of Japan Keeps Policy on Hold in October
At the Monetary Policy Meeting held on October 4th, the Policy Board of the Bank of Japan decided to maintain the monetary policy unchanged underlying the economy's moderate recovery. The monetary base will continue to increase at an annual pace of about 60-70 trillion yen. Published on 2013-10-04

Bank of Japan Keeps Policy Unchanged in September
At the Monetary Policy Meeting held on September 5th, the Policy Board of the Bank of Japan decided to maintain the monetary policy unchanged revising up its assessment of the economy. The monetary base will continue to increase at an annual pace of about 60-70 trillion yen. Published on 2013-09-05

Bank of Japan Holds Monetary Policy Unchanged in August
At the Monetary Policy Meeting held on August 8, the Policy Board of the Bank of Japan decided to maintain the current quantitative easing policy as the economy is slowly recovering. The monetary base will continue to increase at an annual pace of about 60-70 trillion yen. Published on 2013-08-08

Bank of Japan Keeps Monetary Policy Unchanged
At the Monetary Policy Meeting held July 11, the Policy Board of the Bank of Japan stated that the economy is on recovery path and decided to maintain the current quantitative easing policy. The monetary base will continue to increase at an annual pace of about 60-70 trillion yen. Published on 2013-07-11

Bank of Japan Keeps Monetary Policy Steady in June
At the Monetary Policy Meeting held June 11, the Policy Board of the Bank of Japan raised the assessment of the economy and decided to maintain the quantitative and qualitative monetary easing policy introduced previously. The monetary base will continue to increase at an annual pace of about 60-70 trillion yen. Published on 2013-06-11

Bank of Japan Maintains Quantitative Easing Program; Rates Unchanged
At the Monetary Policy Meeting held in May 22nd, the Policy Board of the Bank of Japan decided to maintain the quantitative and qualitative monetary easing policy introduced previously. The monetary base will continue to increase at an annual pace of about 60-70 trillion yen. Published on 2013-05-22

Bank of Japan Keeps Monetary Policy Unchanged
At the Monetary Policy Meeting held in April 26th, the Policy Board of the Bank of Japan decided to maintain the quantitative and qualitative monetary easing policy introduced in the previous meeting. This follows the Bank's goal to achieve the price stability target of 2 percent in terms of the year-on-year rate of CPI. Published on 2013-04-26

Bank of Japan Introduces Quantitative Easing; Rates Unchanged
At the Monetary Policy Meeting held in April 4th, the Policy Board of the Bank of Japan decided upon the introduction of "quantitative and qualitative monetary easing". This follows the Bank's goal to achieve the price stability target of 2 percent in terms of the year-on-year rate of CPI at the earliest possible time. Published on 2013-04-04

Bank of Japan Keeps Monetary Policy Unchanged
At the Monetary Policy Meeting held on March 7th, the Policy Board of the Bank of Japan decided, by a unanimous vote, to encourage the uncollateralized overnight call rate to remain at around 0 to 0.1 percent. Published on 2013-03-07

Japan's Monetary Policy Remains Unchanged in February
The Bank of Japan decided to keep interest rates unchanged in February, in the range between 0 and 0.1 percent. Published on 2013-02-14

Bank of Japan Widens Stimulus Efforts
The Bank of Japan on January 22nd set an ambitious target to defeat the nation’s crippling deflation and pledged to extend indefinitely its quantitative easing program, following intense pressure from the country’s new government. Published on 2013-01-22

Bank of Japan Engages in Monetary Easing
Following new prime minister call for bolder action against deflation, the Bank of Japan decided in December 20th to engage in more aggressive monetary easing by expanding asset-buying and lending program to $1.2 trillion, and hinted at a review of its current 1 percent inflation target. The bank also decided to keep its benchmark interest rate steady at a range of zero to 0.1 percent. Published on 2012-12-20

Bank of Japan Engages in Monetary Easing
At the Monetary Policy Meeting held on December 20th, the Policy Board of the Bank of Japan decided to pump more money into Japan’s economy by boosting its asset-purchase and lending program by $120 billion. Published on 2012-12-20

Bank of Japan Keeps Monetary Policy Unchanged
At the Monetary Policy Meeting held on November 20th, the Policy Board of the Bank of Japan decided, by a unanimous vote, to encourage the uncollateralized overnight call rate to remain at around 0 to 0.1 percent while at the same time engaging in aggressive monetary easing. Published on 2012-12-11

Bank of Japan Enhances Monetary Easing
At the Monetary Policy Meeting held on October 30, the Policy Board of the Bank of Japan decided, by a unanimous vote, to encourage the uncollateralized overnight call rate to remain at around 0 to 0.1 percent while at the same time enhancing monetary easing. Published on 2012-10-30

Bank of Japan Keeps Interest Rates Steady
At the Monetary Policy Meeting held on September 19, the Policy Board of the Bank of Japan decided, by a unanimous vote, to encourage the uncollateralized overnight call rate to remain at around 0 to 0.1 percent while at the same time enhancing monetary easing. Published on 2012-09-19

Bank of Japan Keeps Interest Rates Steady
At the Monetary Policy Meeting held on July 12, the Policy Board of the Bank of Japan decided, by a unanimous vote, to encourage the uncollateralized overnight call rate to remain at around 0 to 0.1 percent. Published on 2012-07-12

Bank of Japan Keeps Monetary Policy Unchanged
At the Monetary Policy Meeting held on May 23rd, the Policy Board of the Bank of Japan decided, by a unanimous vote, to keep the uncollateralized overnight call rate at around 0 to 0.1 percent. Published on 2012-05-23

Bank of Japan Holds off Easing Measures
At the Monetary Policy Meeting held on April 10th, the Policy Board of the Bank of Japan decided to encourage the uncollateralized overnight call rate to remain at around 0 to 0.1 percent. Published on 2012-04-10

Bank of Japan Adds New Loan Program
The Bank of Japan left on March 13th its key monetary policy unchanged to check the effects of last month's easing steps, but decided to expand a loan program to ¥5.5trn for potentially high-growth sectors in a bid to stimulate the economy. Published on 2012-03-13

Bank of Japan Announces New Stimulus
The Bank of Japan on February 14th further eased monetary policy, increasing its asset purchase programme by 10 trillion yen to about 65 trillion yen, as it looks to end deflation. Published on 2012-02-14

Bank of Canada Keeps Monetary Policy Unchanged
At the Monetary Policy Meeting held on January 24, the Policy Board of the Bank of Japan decided,by a unanimous vote to encourage the uncollateralized overnight call rate to remain at around 0 to 0.1 percent. Published on 2012-01-24

Japan Holds Rates Near Zero
Japan's central bank has left its key interest rate unchanged at virtually zero as it downgraded its assessment of the economy. Published on 2011-12-21

Bank of Japan Expands Asset Purchase Program
The Bank of Japan on October 27 decided to enhance monetary easing by expanding the asset purchase program by around JPY 5 trillion to about JPY 55 trillion. Published on 2011-10-27

Bank of Japan Keeps Monetary Policy Unchanged
Bank of Japan kept the overnight lending rate between zero and 0.1 percent and left credit and asset-buying programs totaling 50 trillion yen ($652 billion) unchanged, while extending a loan program in earthquake-affected areas. Published on 2011-10-07

Bank of Japan Leaves Monetary Policy Unchanged
At the Monetary Policy Meeting held on September 7, the Policy Board of the Bank of Japan decided, by a unanimous vote, to encourage the uncollateralized overnight call rate to remain at around 0 to 0.1 percent. Published on 2011-09-08

Bank of Japan Eases Monetary Policy
Japan's central bank eased monetary policy, sold one trillion yen and pledge to inject 10 trillion yen in funds to the economy, joining Switzerland in efforts to stem appreciating exchange rates. Published on 2011-08-04

Bank of Japan Expands Lending Program
Japan's central bank kept its key interest rate unchanged at virtually zero and expanded a lending program to bolster the disaster-hit economy. Published on 2011-06-14

Bank Of Japan Keeps Record Low Interest Rate?
Bank of Japan kept on May 20 its near zero interest rate and refrained from introducing more monetary easing measures. Published on 2011-05-20

Bank of Japan Keeps Monetary Policy Unchanged
The Japanese central bank announced on April 4 it would keep a credit program and asset- purchase fund unchanged following the nation’s worst earthquake. Published on 2011-04-07

Bank of Japan Expands Asset Purchases to Support Economy
Bank of Japan rushed to bolster markets in the wake of the country's worst disaster since World War Two and said on March 14, it would double an existing program to purchase government and corporate bonds and other financial assets to 10 trillion yen, or $121.7 billion. Published on 2011-03-14

Japan's Central Bank Keeps Interest Rate Unchanged
Bank of Japan has left its key interest rate unchanged at virtually zero to support the economy. Published on 2011-02-15

Bank of Japan Keeps Rates Steady
Bank of Japan kept it key interest rate unchanged at virtually zero on January 25, hoping to protect a still-fragile economy from veering off track. Published on 2011-01-25

Japan Keeps Interest Rates Unchanged
The Bank of Japan has kept interest rates unchanged at between 0% and 0.1% in a bid to boost the nation’s economy and rein in inflation. Published on 2010-12-21

Bank of Japan Keeps Rate Near Zero
Japan's central bank on November 5 kept its key rate unchanged at a rock-bottom zero to 0.1 percent in a widely anticipated move, but refrained from announcing fresh monetary easing measures. Published on 2010-11-05

Bank of Japan Increases the Amount of Low Interest Loans
The Bank of Japan (BOJ) decided on Monday to keep its key interest rate at near-zero and boost the amount of low-interest loans to financial institutions. The measures were aimed at reining in the rising value of the yen. Published on 2010-09-01

Bank of Japan Keeps Policy on Hold
Bank of Japan Governor Masaaki Shirakawa indicated the nation’s recovery has been resilient to the yen’s advance, supporting his board’s decision to keep policy unchanged. Published on 2010-08-10

Bank Of Japan Predicts Growth to Slow in 2011, Keeps 0.1% Rate
The Bank of Japan kept interest rates unchanged and predicted growth in the world’s second- largest economy will slow next year as fiscal stimulus evaporates worldwide and overseas demand loses steam. Published on 2010-07-15

Bank of Japan Unveils Lending Support Facility
The Bank of Japan announced details of a bank-lending support plan and turned more optimistic on the outlook for the Japanese economy, saying it's "recovering moderately." Published on 2010-05-21

Japan Holds Interest Rates Steady
Japan's central bank kept its key interest rate near zero and said it would redouble efforts to boost the economy. Published on 2010-04-30

Japan Leaves Interest Rate Unchanged
Japan's central bank kept its key interest rate unchanged and held off on new easing steps Wednesday, saying the economy is improving. Published on 2010-04-07

Bank Of Japan Doubles Lending Program
The Bank of Japan expanded a bank loan program aimed at shoring up liquidity in the deflation plagued economy, a boost that offsets the impact of separate credit measures expiring this month. Published on 2010-03-17

BOJ Leaves Policy Unchanged
The Bank of Japan refrained from expanding its lending and asset-purchase programs, preserving policy ammunition in case the economic recovery falters or the government increases pressure for more action to beat deflation. Published on 2010-02-18

Bank of Japan Keeps Key Rate at 0.1%
The Bank of Japan held interest rates near zero and said it remains committed to fighting deflation as gains in the yen risk stunting the recovery from the country’s worst postwar recession. Published on 2010-01-25

BOJ Says Won’t Tolerate Deflation, Keeps Rate at 0.1%
The Bank of Japan held interest rates at 0.1 percent and policy makers said they are intolerant of price declines amid signs deflation may undermine the economic recovery. Published on 2009-12-18

Japan Steps Up Quantitative Easing to Fight Deflation
This week, rising deflation risk and strong Yen hurting Japanese economy had forced Bank of Japan to revised its exit strategy for quantitative easing policy pledged at the end of October. At emergency meeting the institution introduced a new funds-supplying operation to encourage a further decline in longer-term interest rate Published on 2009-12-03

Bank of Japan Eases Monetary Policy
The Bank of Japan said it’s ready to pump more money into the financial system after unveiling a 10 trillion yen ($115 billion) program to help an economy battered by falling prices and the yen’s surge to a 14-year high. Published on 2009-12-01

Bank of Japan Keeps Rate at 0.1%
The Bank of Japan kept interest rates near zero and raised its economic assessment even as government pressure for it to fight deflation intensified. Published on 2009-11-20

BOJ Ends Debt Buying
The Bank of Japan said it will stop buying corporate debt at the end of the year, as central banks around the world phase out emergency measures taken at the height of the financial crisis. Published on 2009-10-30

Bank of Japan Upgrades View on Economy
The Bank of Japan's policy board slightly upgraded its economic view Thursday for the first time since July, as it kept its interest-rate target unchanged Published on 2009-09-17

BOJ Keeps Rate at 0.1%
The Bank of Japan kept interest rates unchanged and refrained from unveiling any new measures as policy makers focused on the risk that recent economic improvements will fail to translate into a sustainable recovery. Published on 2009-08-10

BOJ Extends Credit Policies
The Bank of Japan extended its emergency-credit programs until the end of the year and cut its economic forecasts as companies struggle to borrow amid the country’s worst postwar recession. Published on 2009-07-15

Bank of Japan Says Economy Improving
The Bank of Japan upgraded its outlook for the world’s second-largest economy, buttressing hopes that the worst of its recession since the second world war may be over. Published on 2009-06-16

BOJ Keeps Rate at 0.1%
The Bank of Japan kept its benchmark interest rate at 0.1 percent in a unanimous decision before releasing its outlook for the economy and prices. Published on 2009-04-30

Bank of Japan Widens Range of Collateral for Loans
The Bank of Japan will provide more funds to commercial banks by broadening the range of collateral it accepts in an effort to encourage lending to companies. Published on 2009-04-07

Bank of Japan Expands Government Bond Buying
The Bank of Japan will increase its purchases of government bonds from banks in addition to extending subordinated loans to lenders as it widens efforts to counter the deepening recession. Published on 2009-03-18

Bank of Japan to Provide Subordinated Loans to Banks
The Bank of Japan said it may provide as much as 1 trillion yen ($10 billion) of subordinated loans to banks to replenish capital depleted by falling stock prices and revive lending. Published on 2009-03-17

The Bank of Japan’s Policy May No Longer be Effective
In the last quarter of 2008, Japanese growth plunged to a 35-year low, contracting 12.7% annualized. Has the Bank of Japan used all available measures? What else can be done to stop the downturn spiral? Published on 2009-02-24

Bank of Japan Cuts Rate to 0.1%
The Bank of Japan cut its benchmark interest rate to 0.1 percent, increased purchases of government debt and announced plans to buy commercial paper for the first time as the deepening recession starves companies of funds. Published on 2008-12-19

BOJ Keeps Key Rate at 0.3%
The Bank of Japan held its benchmark interest rate at 0.3 percent and said it will consider pumping more money into the financial system to prop up an economy that fell into a recession last quarter. Published on 2008-11-21

BOJ Cuts Rate to 0.3%
The Bank of Japan cut its benchmark interest rate to 0.3 percent in a split decision to help stave off a prolonged recession. Published on 2008-10-31

BOJ Rate-Cut Speculation Jumps
Speculation the Bank of Japan will cut interest rates for the first time in seven years jumped after the Nikkei newspaper reported that the central bank may halve its target rate this we Published on 2008-10-29

BOJ Keeps Rate at 0.5%
The Bank of Japan kept interest rates unchanged after pumping more than 5 trillion yen ($47 billion) into money markets in the wake of Lehman Brothers Holdings Inc.'s collapse. Published on 2008-09-17

BOJ Keeps Rate at 0.5%
The Bank of Japan said it became more pessimistic about the outlook for the economy and kept interest rates at the lowest level among industrial nations. Published on 2008-08-19

BOJ Keeps Interest Rate at 0.5%
The Bank of Japan cut its economic growth forecast, raised its inflation estimate and kept the benchmark interest rate at 0.5 percent, saying higher commodity prices are hurting the expansion. Published on 2008-07-15

BOJ Keeps Key Rate at 0.5%
The Bank of Japan kept interest rates on hold at the first meeting after slashing its growth estimate and shelving a two-year policy of seeking higher borrowing costs. Published on 2008-05-20

Yen Heads for Weekly Advance
The yen headed for its biggest weekly gain in three months against the euro as a decline in global stock markets caused investors to sell higher-yielding assets financed with loans from Japan. Published on 2008-05-08

Bank of Japan Keeps Key Rate at 0.5%
The Bank of Japan kept interest rates on hold and economists expect the policy board to cut its growth forecast in a twice-yearly report later today. Published on 2008-04-30

BOJ Keeps Rate at 0.5%
The Bank of Japan kept interest rates on hold at the first meeting chaired by Masaaki Shirakawa and cut its assessment of the economy for the first time in four months amid concern a recession may be looming. Published on 2008-04-09

Bank of Japan Keeps Rate at 0.5%
The Bank of Japan kept interest rates on hold amid concern that slowing global economic growth will cut demand for exports and costlier energy and materials will damp spending at home. Published on 2008-02-15

BOJ Keeps Interest Rate at 0.5%
The Bank of Japan refrained from raising interest rates in the first unanimous decision since June, after business confidence fell and central banks provided cash to counter a credit squeeze that threatens global growth. Published on 2007-12-20

Bank of Japan Keeps Rates on Hold
The Bank of Japan on Wednesday lowered its forecasts for growth and inflation this year and held interest rates steady, but maintained its view that the country’s economy was likely to continue its sustained expansion. Published on 2007-10-31

Bank of Japan Keeps Key Rate at 0.5%
BoJ refrained from raising interest rates after confidence at small companies deteriorated and as policy makers assess the effect of the U.S. housing slump on economic growth. Published on 2007-10-11

BOJ Keeps Rate at 0.5% as Economy Shrinks
The Bank of Japan kept interest rates unchanged after the economy shrank last quarter and the U.S. Federal Reserve cut borrowing costs to avert a recession. Published on 2007-09-19

Bank of Japan Keeps Rate at 0.5%
The Bank of Japan kept interest rates unchanged after a global credit rout clouded the outlook for growth in the world's second-largest economy. Published on 2007-08-23

Yen Falls on Speculation the BOJ will Keep Rates Unchanged
The yen may weaken against the dollar for a second day on speculation the Bank of Japan will hold interest rates steady, giving investors confidence to borrow in Japan and buy riskier assets elsewhere. Published on 2007-08-22

Bank of Japan Keeps Key Rate at 0.5%
The Bank of Japan voted 8-1 on July 12 to keep its benchmark interest rate unchanged as it waits for more proof that economic growth will be sustained and inflation will take hold. Published on 2007-07-12

Bank of Japan Kept the Overnight Interest Rate at 0.5 percent
On its Monetary Policy Meeting held on May 17, 2007, the Bank of Japan decided, by a unanimous vote, to keep the uncollateralized overnight call rate at 0.5 percent. Published on 2007-06-07