The nine-member board also cut this year's growth forecast but maintained its assessment that the world's third-largest economy was headed for a moderate recovery.
"Japan's economy remains in a severe state but is recovering as a trend," the BOJ said in a quarterly report on the economic and price outlook. "Exports and output are weakening due to the impact of supply constraints, but continue to increase as a trend," it said. As widely expected, the BOJ maintained its short-term interest rate target at -0.1% and that for 10-year government bond yields around 0%.
Reporting by Leika Kihara, Tetsushi Kajimoto, Daniel Leussink and Kantaro Komiya Editing by Chang-Ran KimSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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