Bank of Japan keeps QE programme on hold as it hopes for economic recovery

The central bank keeps its monetary powder dry as it gambles that the government's other policy initiatives will kickstart the struggling economy

The Bank of Japan has held off expanding its massive monetary stimulus programme, preferring to keep its powder dry in the hope that the economy can overcome the drag from China's slowdown without extra support.

Related: The golden age of central banks is at an end - is it time for tax and spend?

Related: Why China's interest rate cut may be bad news for the world economy