Bank of Japan keeps rates steady

TOKYO, Oct 30 (Reuters) - The Bank of Japan held off on raising interest rates on Thursday but repeated its pledge to continue increasing borrowing costs if the economy moves in line with its projections.

As widely expected, the central bank maintained short-term interest rates at 0.5%. Board members Naoki Tamura and Hajime Takata dissented to the decision, repeating their proposals made in September to raise rates to 0.75%.

BOJ Governor Kazuo Ueda will hold a news conference to explain the decision at 3:30 p.m. (0630 GMT).