Bank of Japan sticks to ultra-loose monetary policy

Tokyo: The Bank of Japan said Friday it would maintain its long-standing, ultra-loose monetary policy as it looks to boost economic growth. The central bank has gone against the grain as its global peers hike interest rates to tackle inflation, pushing down the value of the yen against the dollar.

Officials had been widely expected to keep policies unchanged after the second two-day meeting under new Governor Kazuo Ueda, who took the helm in April.

They left the bank's negative interest rate in place and did not adjust the band in which rates for 10-year government bonds fluctuate. The announcement prompted the Japanese currency to sink to around 141.39 yen per dollar in the afternoon, from 140.20 yen in the morning.