Sep 21, 2016 12:57 AM

Japan's central bank keeps negative interest rate unchanged

The Associated Press

TOKYO (AP) — Japan's central bank has wrapped up a policy meeting with a decision to keep its monetary easing strategy mostly as is.

The Bank of Japan said in a statement Wednesday that its key policy rate will remain at negative 0.1 percent. The central bank is charging that rate on excess reserves it holds for banks to encourage them to lend more.

However, the central bank said it is adjusting its asset purchases to push long-term interest rates higher, a move that will help institutional investors like banks and insurers.

The central bank said it will continue to purchase assets like government bonds at a rate of about 80 trillion yen ($787 billion) a year, seeking to achieve the 2 percent inflation target that they say could help spur sustained growth.

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