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Call money rate falls below zero for 2nd straight day.

TOKYO, Nov. 18 Kyodo

The weighted average of Japan's key unsecured overnight call money rate fell below zero for the second straight day Tuesday, the Bank of Japan (BOJ) said in a preliminary report.

The overnight call money rate, which banks charge each other for overnight loans and serves as a benchmark short-term rate, stood at minus 0.001% Tuesday, the same as Monday. A below-zero rate means lenders pay interest on loans to borrowers.

The overnight call money rate dropped below zero on June 25 for the first time ever, reflecting excess liquidity in the money market on the BOJ's ultra-easy monetary policy.
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Publication:Japan Weekly Monitor
Date:Nov 24, 2003
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