Wednesday March 18, 03:57 AM
Bank of Japan holds rates steady, to buy bonds
TOKYO (AFP) - Japan's central bank announced Wednesday that it was leaving its key interest rate unchanged at 0.1 percent while expanding purchases of government bonds to spur lending during the recession.
The Bank (TBHS - news) of Japan said it would spend 21.6 trillion yen (219 billion dollars) a year buying Japanese government bonds outright in an effort to keep credit flowing during the economic downturn.
"It is likely that the markets will remain under stress in the new fiscal year given the severe financial and economic conditions," the bank said in a statement.
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