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The Bank of Japan's board members believe that the global financial markets remain at risk amidst uncertain conditions, minutes from the October 30 monetary policy meeting revealed on Thursday.
The board added that the recovery for the U.S. economy is likely to lag behind the rest of the world, reiterating the need to take appropriate and flexible steps in a timely fashion.
At the meeting, the board unanimously decided to maintain the uncollateralized overnight call rate at 0.1 percent, as expected. In addition, the BoJ said it would maintain the extremely accommodative financial environment for some time by holding interest rates at their current low levels.
Also, the board decided to stop outright purchases of commercial papers and corporate bonds at the end of 2009 as the central bank's assessment showed a marked improvement in conditions. The central bank said that the purpose of the purchases to restore market functioning has been achieved. Atsushi Mizuno was the only board member who voted against the expiration of the outright purchases of corporate bonds at the end of 2009.
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