BOJ Oct 31 minutes: Mizuno called for steady rates

Bank of Japan board member Atsushi Mizuno opposed cutting rates at the Oct. 31 policy meeting, saying it was unclear how the effect of such a move would spread to the economy when financial market functions were decreasing, minutes released on Thursday showed.

Board members Hidetoshi Kamezaki, Seiji Nakamura and Miyako Suda proposed cutting rates to 0.25 percent instead of to 0.3 percent, which was turned down by a 5-3 vote, the minutes showed. At the meeting, the Bank of Japan cut interest rates for the first time
in seven years, to 0.3 percent from 0.5 percent, joining global efforts to contain the financial crisis. The decision was made by a split vote, with board members Mizuno,
Kamezaki, Nakamura and Suda dissenting. The central bank kept rates on hold at