Japan 'to cut interest rate'

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THE Bank of Japan is expected to cut the official discount rate to 3.25 per cent from 3.75 per cent early this week in an attempt to boost the economy.

A senior government source said the central bank would hold a special policy board meeting tomorrow to make the formal decision on the rate cut. While a bank source would not deny the reports, another government official suggested the reduction could be as big as 0.75 per cent.