Published by Mark Smith-HalvorsenThe Bank of Japan (BOJ) kept overnight loan rates on hold at 0.1 per cent this morning (September 7th) and also voted against additional stimulus.The bank's governor Masaaki Shirawaka voted to keep its bank-loan facility at 30 trillion yen, after increasing it in an emergency meeting at the end of August.Policymakers called the emergency meeting in order to discuss measures to stop the rise of the yen in global forex trading, and the decision to increase the bank-loan facility has helped to slow the currency's gains partially.However, the yen was once more rising against the dollar in early trading this morning.Speaking to Bloomberg, Hirokata Kusaba, senior economist at Mizuho Research Institute, said the accompanying policy statement provided clues to the BOJ's strategy for upcoming months."By adding one phrase at the end of today's statement that it will take action in an appropriate and timely fashion when necessary, the BOJ probably wanted to keep some of the market's hopes for future action alive," he said.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site.