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BOJ goes full retard, cuts rates and turns on QE 5.9

Reuters) – The Bank of Japan cut interest rates on Tuesday and pledged to keep rates at zero until prices are seen stable in a surprise move showing its concern that a strong yen and slowing growth are undermining a fragile economic recovery.

The central bank also decided to set up, as a temporary measure, a 35 trillion yen ($419 billion) pool of funds to buy or accept as collateral assets such as government bonds, commercial paper and asset-backed securities.

The decision to cut interest rates was made by a unanimous vote,

But board member Miyako Suda opposed including government bonds among the type of assets the BOJ could buy using its pool of funds.

http://www.reuters.com/article/idUSTRE69362P20101005

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