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From Times Staff and Wire Reports
Japan Bank Lowers Discount Rate: The central bank, easing its inflation-fighting policy in an attempt to stimulate the economy, lowered its discount rate today by half a percentage point to 5.5%. The cut in Japan’s lending rate to commercial banks, the first since February, 1987, takes effect immediately. Share prices rallied in morning trading in response to the announcement. The Tokyo stock market’s leading index rose 1.59%.
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