The Bank of Japan opted Friday not to do anything with interest rates, after the central bank determined that economic activity and price developments had little changed.

"The Bank of Japan will encourage the uncollateralized overnight call rate to remain at effectively zero percent," the central bank said in a statement, referring to its call market operations, where financial institutions borrow and lend from each other to manage their daily financing.

The BOJ meeting also concluded that "Japan's economy continues to recover steadily," carrying over the tone from its April report.