• Kyodo News

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Some Bank of Japan policymakers thought in December that the central bank’s key interest rate of 0.1 percent was its “lowest possible level,” indicating reluctance to cut borrowing costs further, a summary of the minutes of the Policy Board’s meeting showed Tuesday.

During the meeting Dec. 18 and 19, the eight-member Policy Board voted to cut the benchmark short-term rate from 0.3 percent to 0.1 percent. This followed the cut it made in October, when the overnight call rate was 0.5 percent.

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