The Bank of Japan on Tuesday decided to expand its financing support for businesses hit by the novel coronavirus pandemic, while maintaining its ultraeasy monetary policy in a bid to underpin the country's economy.

The central bank decided at its policy meeting to further boost its ¥75 trillion ($700 billion) corporate support measures to ¥110 trillion.

It left short-term interest rates at minus 0.1 percent while continuing to guide long-term rates to around zero percent, alongside an aggressive asset purchase program.