BoJ Maintains Interest Rate, Yen Weakens

The Japanese yen weakened against other major currencies in the Asian session on Friday after the Bank of Japan maintained its key interest rate at 1.00 percent.

This move was widely expected, as the bank had raised the benchmark rate by 25 basis points in June.

The policy board voted 8-1 to retain the interest rate at 1.00 percent.

In its Outlook for Economic Activity and Prices, the Bank of Japan noted that there is a risk of underlying inflation deviating upward above the 2 percent target.