BOJ to keep negative policy rate at minus 0.1% while expanding monetary base

Tokyo, Sep 21 (IANS) The Bank of Japan (BOJ) unveiled its new policy framework on Wednesday, saying it will keep its negative policy rate at minus 0.1 per cent while modifying the framework of its bond-buying programme to guide long-term rate at around zero per cent.

The BOJ said it will continue to expand the monetary base until consumer prices exceed two percent in a stable way, Xinhua news agency reported.

The Nikkei was up around 1.2 per cent and the US dollar rose to mid-102 yen zone on the BOJ decision.

The Japanese central bank concluded a two-day Policy Board meeting on Wednesday dedicated to having a "comprehensive assessment" of its monetary easing steps in an effort to achieve a two per cent inflation goal.