The Bank of Japan decided Wednesday to leave its ultra-easy monetary policy unchanged. The decision was made by a majority vote at a meeting of the BOJ's nine-member Policy Board.

Under the "zero interest rate policy" adopted Feb. 12, 1999, the BOJ steers the target rate for unsecured overnight call money as low as possible to prop up economic activity.

The decision reflects the absence of clear signs of a pickup in personal consumption as companies continue restructuring to reduce labor costs, BOJ watchers said.