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JAPAN
Central Bank Leaves Interest Rates on Hold
The Bank of Japan kept interest rates on hold at its first meeting after slashing its growth estimate and shelving a two-year policy of seeking higher borrowing costs. Governor Masaaki Shirakawa and his six colleagues left the overnight lending rate at 0.5 percent in a unanimous decision, the central bank said Tuesday. The rate is the lowest among major economies.
Growth in gross domestic product accelerated to 3.3 percent in the three months ended March 31, the Cabinet Office said last week. The number didn't change economists' views that the economy's longest postwar expansion will cool this year.
russia
1st Post-Soviet Plane Makes Maiden Flight
The SuperJet, Russia's first post-Soviet passenger airplane, completed its maiden flight, boosting government hopes of restoring the nation's status as a global aircraft manufacturer.
The regional jet flew for more than an hour and reached an altitude of 4,000 feet, the Moscow-based company Sukhoi said. The test of the 95-seat SuperJet-100 took place in Komsomolsk-on-Amur, the former closed city built by Joseph Stalin in the 1930s in the Far East.
Russia is spending more than $1.4 billion developing the SuperJet in an effort to make its civil aviation industry competitive worldwide. State-owned Sukhoi and partner Finmeccanica, Italy's biggest defense company, have a target of selling at least 1,800 SuperJets over 20 years.
Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.
