Bank of Japan Follows Fed, Cuts Rates to Near Zero

The Bank of Japan cut interest rates from 0.3% to to 0.1%, within the historic zero- to quarter-percent range that the Fed chose earlier this week. Central bankers were responding to a deep recession as well as a soaring yen, which recently hit a 13-year high against the dollar. In its statement, the BoJ said it may cut rates again and will accelerate the buying of Japanese government bonds.
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