The Bank of Japan Policy Board voted Wednesday to maintain its ultra-easy monetary grip.
After a two-day meeting, the nine-member board voted unanimously to keep its current policy, which is aimed at providing ample liquidity to money markets.
The central bank said the policy is designed to keep the outstanding balance of the current accounts at the BOJ at around 10 trillion yen to 15 trillion yen. It is also prepared to go beyond that.
“Should there be a risk of financial market instability, such as a surge in liquidity demand, the bank will provide more liquidity” irrespective of the target, the BOJ said.
The panel gathering followed the release last week of strong growth data for the January-March period.
The Cabinet Office said Friday the nation’s gross domestic product grew a real 1.4 percent in the quarter, or an annualized 5.7 percent. It marked the first growth in a year and was largely due to brisk exports.
Pressure on the BOJ to further ease its credit grip has been lessening because of the rising economy and the perception that there is no immediate risk to the stability of the nation’s financial system.
The BOJ was to release its economic assessment Thursday.
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