Tokyo, July 31 (QNA) - The Bank of Japan kept interest rates unchanged today, reaffirming its willingness to continue raising borrowing costs further if inflation risks increase.

After its two-day meeting, the bank's decision held its short-term monetary policy target at 1 percent, with eight members voting in favor and one against.

The move follows the US Federal Reserve's announcement that it would keep its benchmark interest rate unchanged and maintain its overnight lending rate within a range of 3.50 to 3.75 percent. (QNA)