The yen weakened on Thursday after the Bank of Japan (BOJ) held steady its ultra-loose monetary policy, reinforcing expectations that it will remain an outlier among global central banks tightening policy.

The BOJ’s decision to maintain its short-term interest rate target at -0.1% and its pledge to guide 10-year Japanese government bond yields around 0% contrasted sharply with the tightening moves of other major central banks, such as the Federal Reserve and the European Central Bank.

The central bank also said it would continue to offer to buy unlimited amounts of 10-year JGBs at 0.25% to defend its yield curve control policy.

The BOJ’s commitment to its current monetary policy stance has put downward pressure on the yen, as investors anticipate a widening interest rate differential between Japan and other major economies.

Analysts expect the yen to remain under pressure as long as the BOJ maintains its dovish stance.