The Bank of Japan has decided to maintain its large-scale easing measures. That is despite the yen's weakness that could push the cost of imports higher for Japan's businesses and consumers.

The BOJ has also raised its inflation outlook for fiscal 2022, citing surging global prices for energy and other materials.

The bank's policymakers wrapped up their two-day meeting on Thursday.

They agreed to keep their short-term benchmark interest rate in negative territory. They will also continue their asset purchases to hold long-term rates around zero percent.

The BOJ decision is in contrast to the other major central banks, which have been tightening policy to tamp down on inflation.

The BOJ's outlook sees the consumer price index, excluding fresh food, rising to a median 1.9 percent.

This would put the rate very close to the BOJ's inflation target of 2 percent, set in 2013.

The bank's massive monetary-easing measures have been aimed at achieving that goal.

But the policymakers warned that current price rises could weigh on both household incomes and corporate earnings. That is because the inflation has not come with growth in wages and private demand.