The decision were on account of high uncertainties surrounding the economy and price movement.
With the move, the BoJ aims to achieve a price stability target of 2% in a sustainable manner, accompanied by wage increases. The committee reiterated that it will not hesitate to take extra easing measures if needed.
Before the meeting, bets for policy shift from the central bank grew after Governor Kazuo Ueda earlier in the month talked about some monetary policy normalization. He also warned of an “even more challenging year” in 2024.