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[TOKYO] The Bank of Japan (BOJ) kept monetary policy steady on Friday, likely sticking to the view that a tight job market will lift wages and consumption enough to accelerate inflation towards its 2 per cent target.
The BOJ reiterated its pledge to increase base money, or cash and deposits at the central bank, at an annual pace of 80 trillion yen (S$928 billion) through purchases of government bonds and risky assets.
The decision was made by an 8-1 vote.
The BOJ will release new long-term economic and price forecasts in its semiannual outlook report due out at 3:00pm (0600 GMT).
BOJ governor Haruhiko Kuroda will hold a news conference at 3:30pm (0630 GMT) to explain the policy decision.
The BOJ has kept monetary policy steady since expanding stimulus in October last year, even as slumping oil prices and weak exports push inflation further away from its target.