The Bank of Japan kept monetary policy steady on Friday and offered a weaker view on inflation than in April, signaling that it will be in no rush to dial back its massive stimulus program.

In a widely expected move, the BOJ maintained its short-term interest rate target at minus 0.1 percent and a pledge to guide 10-year government bond yields around zero percent.

The decision on maintaining its interest rate targets was made by an 8-1 vote with board member Goushi Kataoka dissenting.

"Consumer price growth is in a range of 0.5 to 1 percent," the BOJ said in a statement announcing the decision. That compared with its view at its April meeting that consumer inflation was moving around 1 percent.

BOJ Governor Haruhiko Kuroda will hold a news conference at 3:30 p.m. (0630 GMT) to explain the policy decision.