At the conclusion of a two-day meeting, the BOJ Policy Board voted seven to two to maintain short-term interest rates at minus 0.1 percent and keep its long-term interest rates at close to zero.
The central bank's board at the conclusion of the meeting also voted unanimously to leave unchanged its massive asset purchasing program.
The central bank maintained its basic assessment of the economy in a statement released after the meeting.
"Japan's economy has been on a moderate expanding trend, with a virtuous cycle from income to spending operating, although exports and production have been affected by the slowdown in overseas economies," the statement said.
"Downside risks concerning overseas economies are likely to be significant, and it is also necessary to pay close attention to their impact on firms' and households' sentiment in Japan," it also said.
