Bank of Japan (BOJ) holds key interest rate steady at 0.1 percent on Wednesday and maintained economic recovery assessment for the world's No. 2 economy.

At a two-day policy meeting, the BOJ's eight-member Policy Board voted unanimously to keep the ultra-low target rate for unsecured overnight call money, a move widely expected by the market.

The BOJ also stood firm on its assessment of the nation's economy, saying it is "picking up."

The central bank last cut the key interest rate in December 2008, lowering it from 0.3 percent to cope with the global financial crisis.