TOKYO, Oct 31 (Reuters) - Japanese Finance Minister Shoichi Nakagawa welcomed on Friday the Bank of Japan's decision to cut interest rates as a good move for both the Japanese and world economies.
"I was thinking that Japan's economic situation and the world's financial and economic conditions were very tough," Nakagawa told reporters at parliament.
"In that sense, I think the BOJ reached a good decision both domestically and internationally," he said.
The BOJ cut interest rates for the first time in seven years, lowering them to 0.30 percent from 0.50 percent on Friday, joining a global wave of rate cuts to contain the financial crisis. (Reporting by Tetsushi Kajimoto)