Bank of Japan keeps monetary policy steady

The Bank of Japan (BOJ) and its monetary policy makers saw that keeping the interest rates steady this round is the best choice amid the raised worries over global economy and its uncertainty. The Bank of Japan on Friday decided today to keep its benchmark interest rate unchanged at zero levels between 0.0% and 0.10 for another round to meet analysts’ expectations, where the bank will continue to support the nation’s growth. From another side, the Bank of Japan noted that Japanese economy is recovering and its monitoring closely Europe’s debt crisis updates before take any further stimulus. BOJ noted pledged to keep its financial system safe amid the instability in global economies. Meanwhile, BOJ raised its concerns over global uncertainty, where it kept its asset purchase program at 40 trillion yen, while credit loans kept at 30 trillion yen. Japanese economy showed a signs of recovery in some sectors where Japan’s machinery orders increased more-than-expected in April, adding signs that recovery continues, with reconstruction rebounding, which helped Japanese companies when the yen strengthened amid the uncertainties over the euro zone.