Bank of Japan keeps key rate low

The Bank of Japan says it has kept its key interest rate unchanged at near zero to bolster a sluggish economy.

In a widely expected decision, the central bank’s nine-member policy board voted unanimously today to keep the overnight call rate target at zero to 0.1%.

The bank has maintained the interest rate in the range of zero to 0.1% since October in a bid to spur growth in the world’s third economy.

Since the March 11 earthquake and tsunami, which devastated much of northern Japan, the central bank has pumped over $937bn (€655bn) into the financial system to stabilise the post-quake economy.