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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 02
04:30 S&P Global Manufacturing PMI 1 51.7 51.7
06:30 TD-MI Inflation Gauge (YoY) 2 3.3%
06:30 TD-MI Inflation Gauge (MoM) 1 0.6%
07:00 ANZ Job Advertisements 1 -1.2% 0.5%
11:30 Nationwide Housing Prices n.s.a (YoY) 1 3.4%
11:30 Nationwide Housing Prices s.a (MoM) 1 0.1% -0.6%
12:00 Real Retail Sales (YoY) 2 2.5% 2.2%
12:00 RBA Commodity Index SDR (YoY) 1 -6.1%
12:30 Gross Domestic Product (QoQ) 3 0.4% 0.2%
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