Should The BOJ Cut Interest Rates? Posted on March 8, 2009March 9, 2009 by Your Financial FactSheet Jamaica Observer: The inflation rate moderated over the last three months and the local currency has stabilised over the last three weeks. Consequently, there have been increased calls for the Bank of Jamaica (BOJ) to reduce interest rates from its highest level since 2004. The question now is, “Are the calls justified or are they simply based on emotions?”