The Bank of Japan decided by an 8-1 vote to ease monetary policy at its policy board meeting on Sept. 18, according to minutes of the meeting released Thursday.

"Members agreed it was necessary to take measures to cope with developments in the financial markets and the increase in liquidity demand after the terrorist attacks (one week earlier)," the minutes said.

During the meeting, the nine-member policy panel decided to raise the balance of current accounts held at the BOJ by private financial institutions to more than 6 trillion, effectively injecting huge amounts of cash into the banking system.