BoJ Holds Key Interest Rate Amid Inflation Concerns

The Japanese yen weakened against other major currencies in the Asian session on Friday after the Bank of Japan maintained its key interest rate.

As widely expected, the policy board voted 8-1 to retain the interest rate at 1.00 percent.

This decision comes after the bank raised its benchmark rate by 25 basis points in June.

In a statement, the Bank of Japan highlighted the risk of underlying inflation deviating upward above the 2 percent target.