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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Japan's central bank keeps interest rate unchanged By TOMOKO A. HOSAKA,Associated Press Writer AP - 2 hours 46 minutes ago TOKYO - Japan's central bank kept its benchmark interest rate steady Tuesday but introduced new steps to spur lending and ease the strains of an increasingly painful recession. ADVERTISEMENT The Bank of Japan's eight-member policy board voted unanimously to leave the key overnight call rate target unchanged at 0.1 percent, as widely expected. With interest rates close to zero, the central bank has little room to tweak regular monetary policy and has instead focused on measures to boost corporate financing, which has shriveled amid the global credit crisis. The central bank already buys commercial paper and corporate bonds to help shore up banks' balance sheets, but it acknowledged that "financial conditions have remained tight on the whole." In its latest move, the BOJ expanded the range of collateral it accepts in an effort to funnel more funds to commercial banks and subsequently, to companies seeking loans. The bank said it now welcomes "loans on deeds to municipal governments as eligible collateral." Japan's interest rates are among the lowest of major economies. The Federal Reserve's targeted range hovers between zero and 0.25 percent, while the European Central Bank last week trimmed its benchmark rate to 1.25 percent. The world's second-largest economy is mired in its deepest recession since World War II, pummeled by a debilitating global slowdown that has sapped foreign sales of Japan's cars and gadgets. Data for February released last week showed that industrial production tumbled, household spending fell sharply, and the country's unemployment rate rose to a three-year high. A quarterly central bank business survey showed that confidence among big manufacturers plunged to its lowest point ever. Gross domestic product shrank by an alarming 12.1 percent annual rate in the October-December period and almost certainly slowed further in the first quarter. The central bank said the deterioration may be slowing somewhat, with big exporters planning to boost output this spring amid slimmer stockpiles and nascent expectations for a recovery in overseas economies. It warned, however, that "economic conditions are likely to continue deteriorating for the time being due to a further weakening in domestic private demand." To stem the damage, Prime Minister Taro Aso on Monday ordered 10 trillion yen ($99.3 billion) in fresh public spending, an amount equivalent to about 2 percent of gross national product. Lawmakers last month passed a record 88.5 trillion yen budget for the fiscal year that started April 1, which included parts of Aso's two previous stimulus packages. His latest plan consists of steps to help contract workers and small businesses, boost regional economies, expand "green" technologies and support elderly care. The BOJ said it expects Japan's economy to start recovering toward the end of this fiscal year, "with price declines abating as global financial markets regain stability and overseas economies move out of their deceleration phase." Separately, the Bank of Japan, European Central Bank, Bank of England and Swiss National Bank said Monday they will enter into swap arrangements to provide foreign exchange liquidity to the U.S. Federal Reserve if needed. Under currency swap arrangements the Fed provides dollars in exchange for reserves of the other nations' currencies. The Fed has entered into or expanded 14 such agreements since the credit crisis intensified last year, including with the four central banks in Monday's announcement. The new measures provide a reciprocal arrangement so that the Fed can now draw on overseas currencies in exchange for dollars. 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