Date:20/12/2008 URL: http://www.thehindu.com/2008/12/20/stories/2008122052651400.htm

Business

Bank of Japan cuts key rate to 0.1%

TOKYO: Bank of Japan on Friday cut its key interest rate to 0.1 per cent, joining the U.S. Federal Reserve in lowering borrowing rates to nearly zero amid an ever-worsening outlook for the global economy.

The Bank of Japan also introduced new steps to thaw a growing credit crunch for companies.