The BOJ said it would 'patiently continue with monetary easing' given 'extremely' high uncertainty surrounding the economy.
As widely expected, the BOJ made no changes to its yield curve control policy that sets a short-term interest rate target of -0.1% and that for the 10-year bond yield around zero.
The BOJ also said it would look into various monetary easing measures taken over the past 25 years to beat deflation and their impact on the economy and prices. The yen hit a one-week low against the dollar, while Japanese government bonds rallied as investors seemed to discount the prospect of monetary tightening any time soon.
Under previous projections made in January, the BOJ expected inflation to hit 1.6% this year and 1.8% in fiscal 2024.
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