SINGAPORE (MktNews) - The moves by the Bank of Japan to cut the discount rate and ensure adequate liquidity at the end of the fiscal year are largely symbolic and unlikely to boost sentiment among Japanese businesses, analysts said Friday. The Bank of Japan left its benchmark overnight lending rate unchanged at 0.25% after its meeting Friday, but cut the discount rate by 15 basis points to 0.35% in a largely symbolic move. Analysts agreed that given signs that the economy is slowing, the BOJ is likely to take further steps in the months ahead. "The BOJ made some concession towards the weakening business cycle. But it is not enough to convince the business community," warned Susumu Kato, fixed income strategist in Tokyo. "I expect this is the first in further steps towards monetary easing." Ching Ching Ho, Treasury Economist at United Overseas Bank in Singapore, called the BOJ moves Friday "largely symbolic." "But the fact that the BOJ did cave in to political pressure means that there could be further easing if after fiscal year-end and or the July elections there are a lot of bankruptcies and if the U.S. economy goes into a recession," the economist said. But Richard Jerram, an analyst at ING Barings in Tokyo, argued that the steps were more substantive than many gave them credit for being. "The BOJ cut in the the ODR to 0.35% from 0.50% combined with the standby lending facility at ODR means the move is not as symbolic as most comments suggest. It means that troubled institutions will have access to cheaper funds in the event they have to borrow from the BOJ at the discount rate," he said.