The Bank of Japan Policy Board kept its benchmark short-term interest rate at 0.5 percent Tuesday as the U.S. subprime mortgage loan crisis continues to impact the global markets.
At the end of its two-day monthly meeting, the board voted 8-1 to maintain the current interest rate. Atsushi Mizuno cast the sole vote for a rate hike. He has been voting for a rate increase since July.
The decision was anticipated by market watchers. In a survey compiled by the Cabinet Office last week, almost all economists predicted that the BOJ won't raise the interest rate until next year.