BOJ Keeps Interest Rate Steady Amid Yen Volatility

The Bank of Japan (BOJ) has kept its benchmark interest rate at 1.0 percent, despite speculation about large-scale foreign exchange market intervention.

As expected, eight out of nine policy board members voted to maintain the unsecured overnight call rate at around 1.0 percent, while only Hajime Takata proposed a 0.25 percentage point increase.

The decision means Japan's benchmark rate will remain at its highest level since 1995.

The yen rose as much as 3.5 percent intraday against the dollar on July 30, amid speculation about BOJ intervention in the foreign exchange market.