Japan holds interest rate at 0.5%

Global liquidity crisis 'is over'
The head of Japan's leading brokerage, Nomura Holdings, suggests that the global liquidity crisis is over.

Japanese economy now in recession
Japan's economy falls into its first recession since 2001 after shrinking by 0.1% in the July to September quarter.

Bush defends free-market system
US President George W Bush will claim that the global financial crisis is not "a failure of the free-market system" in a speech later.

Oil price slides to 20-month low
Oil prices have fallen to the lowest levels since the beginning of 2007 due to worries about weakening energy demand.

Russia hikes rates to help rouble
Russia's central bank increases its key interest rate to 12% from 11% in an attempt to reduce an outflow of capital.