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Most Asian stock indices closed lower closed lower as the European Central Bank's interest rate decision weighed on markets. The European Central Bank (ECB) lowered its interest rate to 0.05% from 0.15%. The central bank also cut its deposit facility rate to -0.20% from -0.10% and its marginal lending rate to 0.30% from 0.40%.
The ECB President Mario Draghi said the central bank will start buying asset-backed securities, including covered bonds. Details of the asset-backed securities (ABS) program will be announced later.
Yesterday's Bank of Japan's (BoJ) interest rate decision also weighed on markets. The BoJ kept its monetary policy unchanged. The BoJ said it will expand the monetary base at an annual pace of about ¥60 to ¥70 trillion. Japan's central bank added that it will continue with its quantitative and qualitative easing to achieve the 2% inflation target.
Indexes on the close:
Nikkei 225 15,668.68 -7.50 -0.05%
Hang Seng 25,240.15 -57.77 -0.23%
Shanghai Composite 2,326.43 +19.57 +0.85%
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