The Bank of Japan voted to keep the benchmark overnight lending rate steady at 0.5 percent after a two-day policy meeting, a move in line with economists' expectations.

The Japanese central bank has been paying close attention to the American economy as it deals with a policy decision by the Federal Reserve to lower interest rates, which lead to higher stocks.

Bankers are looking for any signs that the U.S. difficulties in the housing and credit markets don’t have a spillover effect into Japan.

The bank voted 8 to 1 in favor of the decision.