The Bank of Japan kept its broad monetary policy and assessment of the economy unchanged Tuesday but also extended two soon-to-expire special lending programs, doubling their size. At the end of their two-day policy meeting, the central bank said its board voted unanimously to keep the pace of its monetary easing unchanged, as widely expected. It also retained language from the previous policy statement that the economy continued "to recover moderately." However, it also said it would "double the scale" of its programs lending to banks in order to stimulate loans and support the economy. The Japanese yen USDJPY +0.63% momentarily rose after the statement's release but then quickly took a sharp turn lower, with the U.S. dollar rising to ¥102.36 from ¥101.98 before the announcement. Likewise, the Nikkei Stock Average JP:NIK +2.22% climbed to intraday highs, trading up 1.7%, compared to an earlier gain of about 0.9%.
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