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Tuesday, May 20, 2008

BoJ Keeps Key Rate at 0.5%

The Bank of Japan kept interest rates on hold at its first meeting after slashing its growth estimate and shelving a two-year policy of seeking higher borrowing costs.

Governor Masaaki Shirakawa and his six colleagues left the overnight lending rate at 0.5 percent in a unanimous decision, the central bank said in a statement released in Tokyo today. The rate is the lowest among major economies.

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Monday, Jun 16
18:00 NY Empire State Manufacturing Index 2 -16.0 -5.5 -9.2
21:00 6-Month Bill Auction 1 4.155% 4.150%
21:00 3-Month Bill Auction 1 4.24% 4.25%
22:30 20-Year Bond Auction 1 4.942% 5.047%
Tuesday, Jun 17
02:30 Westpac Consumer Survey 2 89.2
04:15 Food Price Index (MoM) 1 0.8%
18:00 Retail Sales (MoM) 3 -0.7% 0.1%
18:00 Retail Sales Control Group 3 -0.2%
18:00 Retail Sales ex Autos (MoM) 2 0.1% 0.1%
18:00 Retail Sales (YoY) 1 5.2%
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