TOKYO (AP) — Japan's central bank has opted to keep its monetary policy steady, as the U.S. Federal Reserve and European Central Bank move toward tightening.

The Bank of Japan ended a policy meeting on Thursday by keeping the minus 0.1 percent benchmark interest rate unchanged while working toward a 2 percent inflation rate target.

The outcome was as expected.

The central bank is buying about 80 trillion yen ($700 billion) a year of Japanese government bonds to inject more cash into the economy. Interest rates are near zero, the aim is to use expectations of inflation to stimulate more spending and borrowing by businesses and consumers.

The BOJ said in a statement that the economy, which grew at a 1 percent annual pace in 2016, was still on a "moderate recovery trend."