According to rttnews, the Bank of Japan decided to modify the existing policy framework to achieve the inflation target at the earliest possible time.

"With a view to achieving the the price stability target of 2 percent at the earliest possible time, the Bank decided to introduce 'QQE with yield curve control'," the bank said Wednesday.

Accordingly, the bank will control short-term and long-term interest rates and also it will expand the monetary base until inflation exceeds 2 percent.

"With regard to the amount of JGBs to be purchased, the bank will conduct purchases more or less in line with the current pace - an annual pace of increase in the amount of outstanding of its JGB holdings at about 80 trillion yen," the bank said.

The BoJ will continue applying a negative interest rate of -0.1 percent to the policy rate balances in current accounts held by financial institutions.