Bank of Japan announces policy to stimulate economy

Tokyo: The Bank of Japan (BOJ) on Thursday announced its plans to further ease its monetary policy. The central bank’s Policy Board voted unanimously to expand its asset purchase program to 101 trillion yen from 91 trillion yen ($1.08 billion), while keeping its key short-term interest rate steady at around zero to 0.1 percent, reported a news agency.
The bank will provide new funds exceeding 50 trillion yen for over 12 months under the Asset Purchase Program and the Loan Support Program, and the amount outstanding of these programs will exceed 120 trillion yen, according to a report released by BOJ.

The bank will also discuss at the next meeting the medium to long-term price stability that it aims to achieve in the conduct of monetary policy, said the report.