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Japan overnight call rate trades at 0.55 pct

Wed Feb 21, 2007 7:05pm EST

TOKYO, Feb 22 (Reuters) - Japan's overnight call money rate was trading at 0.55 percent on Thursday, near the Bank of Japan's new policy target of 0.50 percent after the central bank raised interest rates to the highest level in more than a decade.

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Traders said the overnight call market was calm, with most deals done around 0.53-0.55 percent.

The BOJ board on Wednesday voted 8-1 to raise the overnight call money rate to 0.50 from 0.25 percent and the rate on the central bank's Lombard lending facility, which serves as the ceiling for call rates and other interbank lending rates, to 0.75 percent from 0.40 percent.

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