Japan’s central bank announced Wednesday that it would keep its key interest rate steady at -0.1%. The Bank of Japan also said it would expand its monetary base until inflation becomes stable above 2%. The BOJ intends to abandon its monetary base target, but maintain an annual pace of government-bond buying at 80 trillion yen. Experts had been nervously awaiting the bank’s move, with many concerned the BOJ would cut interest rates even deeper into negative territory. Japan’s Nikkei stock market rose and the yen weakened immediately following the BOJ announcement.
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