The Bank of Japan (BoJ) maintained its ultra-loose monetary policy today (January 23), with governor Kazuo Ueda saying the country was moving closer to achieving sustainable 2% inflation.

In a move that had been widely expected, the BoJ’s nine-member policy board decided unanimously to keep its short-term rate at -0.1%. It also left the ceiling on the 10-year government bond yield at 1% as a reference.

“We were able to confirm that the economy is moving in line with our projections on inflation,”