BOJ Mizuno Voted Against 20,25 bps Cuts

All but one Bank of Japan board member agreed that the central bank should lower interest rates to help the economy and stabilize money markets, but they disagreed over the appropriate size of the rate cut at their Oct. 31 policy board meeting, minutes released by the central bank showed Thursday.

"In reducing the policy interest rate, even a difference of five basis points
(has) an effect that can be ignored," one board member said. The BOJ board split 4-4 at the Oct. 31 meeting on a proposal to cut rates by 20 basis points to 0.30%. BOJ Gov. Masaaki Shirakawa ultimately cast the tiebreaking vote to cut rates. Three members favored an alternate proposal to cut rates by 25 basis points. Board member Atsushi Mizuno both opposed both rate cut proposals, the minutes showed.