Bank of Japan holds off on easing

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BOJ REUTERS A man walks towards the Bank of Japan (BOJ) headquarters building in Tokyo November 20, 2012.

The Bank of Japan said Tuesday it would not implement additional monetary easing in November after two consecutive months of easing measures.

The bank voted unanimously to hold its key interest rate at zero to 0.1 per cent, as was widely expected.

As part of October's easing measures, the bank said it would expand an asset-purchase programme to about 91 trillion yen (1.14

trillion dollars) from 80 trillion yen, as it came under increasing pressure from the government to do more to combat deflation.

The nation's economy contracted an annualised 3.5 per cent in the July-to-September quarter, the government reported last week.

After the report, Economy Minister Seiji Maehara said Japan's economy had possibly entered recession. - Sapa-dpa

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