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The Bank of Japan's board members agreed that there was less of a need to emphasize financial conditions as a downside risk, minutes from the September 16 and 17 monetary policy meeting revealed on Monday.
The board added that the positive effects of the crisis measures it had undertaken were beginning to fade, while at the same time drawing attention to the effect that the rising yen was having on the Japanese economy.
At the meeting, the board unanimously decided to maintain the uncollateralized overnight call rate at 0.1 percent, as expected. Further, the policy board assessed that "financial conditions with some severity lingering, are increasingly showing signs of improvement." The bank cut rates in December by 20 basis points to the current level - marking the first easing October 31, when the bank lowered rates by 20 basis points from 0.50 percent. That rate cut was the bank's first in seven years, and it snapped a strong of 22 consecutive meetings of keeping the rates on hold. The BoJ had kept rates unchanged since a 0.25 percent increase in February 2007.
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