Japan hold the overnight rate

SYDNEY (date: 13-03-2012) -- The Bank of Japan unanimously decided to keep its key overnight call rate at 0.00 to 0.1%. "Overseas economies still have not emerged from a deceleration phase on the whole but some improvement has recently been observed in the U.S. economy and the sluggish European economy has stopped deteriorating," the central bank said. Japan is expected to gradually emerge from current flat growth to return to a path of moderate recovery, the bank said. It will increase the amount of loans available through its growth supporting facility by 2 trillion yen ($24.35 billion), bringing the size of the program to 5.5 trillion yen. As well bank of japan says there will be no change in assets purchase program which in-turn leads to a correction in Japanese stock market.