The Bank of Japan on Thursday maintained its ultralow rate policy in a widely expected decision that contrasts sharply with the rest of the world's central banks, who are scrambling to tighten policy to curb inflation.

At the end of a two-day policy meeting, the BOJ set short-term interest rates at minus 0.1% while continuing to guide 10-year Japanese government bond yields around 0% to support the economy.

Following the decision, the U.S dollar hit a fresh 24-year high above the ¥145 line.