BOJ sticks to monetary easing policy

The Bank of Japan says it is sticking to its massive easy-monetary stance, even as other central banks are raising interest rates.

BOJ board members made the decision at a two-day policy meeting ending on Thursday.

The bank will keep its short-term interest rate in negative territory and continue buying government bonds to hold long-term rates at around zero percent.

Just hours before the BOJ meeting, the US Federal Reserve once again raised its key interest rate by three-quarters of a percentage point in a bid to tame the highest inflation the country has seen in four decades.

The decisions by the two central banks further widens the interest rate gap between Japan and the US, which could accelerate the yen's slide against the dollar. The Japanese currency has fallen to a 24-year low against the dollar as investors seeking higher yields in the US have driven a selloff.