The Bank of Japan on Friday unveiled a plan to probe more effective ways to achieve its 2% inflation target, following in the foot steps of its U.S. and European counterparts as a renewed spike in infections threatened to derail a fragile recovery.
As widely expected, the central bank kept monetary policy steady and extended by six months a range of measures aimed at easing funding strains of companies hit by COVID-19.
"Given the economy and prices are projected to remain under downward pressure for a prolonged period due to the impact of COVID-19, the BOJ will conduct an assessment on further effective and sustainable monetary easing," it said in a statement on its policy decision.