This week the BoJ kept its benchmark interest rate on hold, at just 0.5%.
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Brazil raised its benchmark interest rate to 12.25% from 12% after market hours on Wednesday.
Thus we do very much need a change to how this benchmark interest rate is calculated.
Nomura economist Tony Volpon expects a 50 basis point increase to 12.25% for the benchmark interest rate.
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Earlier Tuesday, the Reserve Bank of Australia cut its benchmark interest rate to a record low 2.75%, from 3%.
Market expectations are for the Selic benchmark interest rate to hit 7.50 percent before the end of the year.
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In Asia, the Bank of Korea met expectations by cutting its benchmark interest rate for the second time this year.
That makes it all the more surprising that Australia's central bank opted not to increase its benchmark interest rate this month.
That made the central bank's benchmark interest rate of 15.75% in April no bargain, but no excuse for three-figure overdraft rates either.
In June, China cut its benchmark interest rate by 25 basis points to 6.31 percent, and the effects are already being felt.
India's central bank cut its benchmark interest rate for the first time in three years, by half a percentage point to 8%.
It also kept the band for its benchmark interest rate at zero-0.25%.
The central bank has kept its benchmark interest rate at 1% for two years, encouraging Canadians to pile up debt, particularly in mortgages.
It will look at the how the Libor rate, which is the benchmark interest rate for millions of financial transactions, is calculated and regulated.
Weak consumer spending is a concern for the European Central Bank, which lowered its benchmark interest rate to a record low of 0.5% last week.
BBC: Eurozone retail sales fall for second consecutive month
In Australia, the Reserve Bank of Australia surprised investors by lowering its benchmark interest rate by 0.25 percentage point to a record low of 2.75%.
South Korea's Kospi index jumped 1.2 percent to 1, 972.70 after the Bank of Korea lowered its benchmark interest rate for the first time in seven months.
Australia's central bank has cut its benchmark interest rate by 25 basis points to 3%, as it looks to counter a slowdown in its mining sector.
Few were surprised on Thursday July 3rd when the European Central Bank raised its benchmark interest rate by a quarter of a percentage point, to 4.25%.
In comments following the bank's widely anticipated decision to leave its benchmark interest rate unchanged at 0.75 percent, Draghi confirmed that an interest rate cut was discussed.
At the same time, the Central Bank has taken advantage of the economy's soft patch to cut its benchmark interest rate, from 12.5% in August to 11%.
The outlook for global growth also got a boost after the European Central bank cuts its benchmark interest rate a quarter of a percentage point to 0.5 percent.
How can we have a benchmark interest rate based upon the prices at which banks lend to each other if banks periodically simply stop lending to each other?
As expected, the Tuesday meeting delivered another 25 basis-point increase in the benchmark interest rate, to 4.25%, but the language of the accompanying statement contained both hawkish and dovish signals.
Ms Rousseff recently declared that by 2014 she wants to see the benchmark interest rate fall to 2% in real terms (it is currently 10.75%, or 5.3% stripping out inflation).
The minutes of the latest meeting of the bank's monetary-policy committee suggest that it will raise its benchmark interest rate in March or April, for the first time since September 2008.
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On October 8th the Bank of Canada cut its benchmark interest rate by 50 basis points (to 2.5%) in a co-ordinated move with the other main central banks around the world.
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In an address to the European Parliament, Mr Duisenberg said the bank had no reason to change its view that its current benchmark interest rate - currently at 4.5% - was appropriate.
That's what Federal Reserve watchers are wondering today after it lowered its benchmark interest rate to 2% from 2.25%--its seventh cut since the twin credit and mortgage crises began to unravel last summer.
Earlier Tuesday, the Bank of Japan cut its benchmark interest rate to nearly zero and said it would buy government bonds in a bid to weaken the yen and boost the Japanese economy.
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