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Japan Raises Interest Rates

August 11, 2000

TOKYO (AP) _ Japan’s central bank on Friday announced its first interest rate hike in a decade, defying pressure from government officials who believe near-zero rates are still needed to nurture an economic rebound.

At the end of a marathon meeting, the bank’s nine board members voted to guide the interest rate that private banks charge each other from virtually nothing to 0.25 percent, a bank official said, speaking on condition of anonymity.

Led by Gov. Masaru Hayami, who had vocally supported a rate hike, the board voted down a request by government representatives to delay the vote for a month, the official said.

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