TOKYO—The Bank of Japan (BOJ) kept ultra-low interest rates on Friday but announced a plan to review its past monetary policy moves, laying the groundwork for new Governor Kazuo Ueda to gradually phase out his predecessor’s massive stimulus programme.
While maintaining its commitment to “patiently” keep policy accommodative, the central bank removed a pledge from its guidance for interest rates to stay at “current or lower levels” in a move that gives it more leeway for a future policy tweak.
