Officials in some countries started cutting rates last year, but others, including those in Europe and the United States, have taken a more cautious approach.

The Bank of Japan has opted to hold short-term interest rates, pointing to a moderate recovery in the economy but warning that “high uncertainties” remain in the outlook for activity and prices. In a widely expected decision on Friday,

The Bank of Japan kept interest rates steady today and revised up its assessment on consumption, signalling its confidence a solid economic recovery would allow the central bank to raise interest rates again in coming months.