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TOKYO, JAPAN - JAN. 29: The Bank of Japan decided Friday to adopt a negative interest rate in a surprise move to further ease its monetary grip, with tumbling oil prices hampering its efforts to achieve its inflation target. The central bank in its latest price and economic outlook pushed back the time frame for meeting the 2 percent inflation target for the third time since it introduced aggressive stimulus measures and the inflation goal in 2013. Sliding oil prices and the murky global economic outlook are "raising fears of a negative impact on Japanese companies and the conversion of the deflationary mindset," BOJ Governor Haruhiko Kuroda said at a press conference. Along with the negative interest rate, the BOJ will continue with its current quantitative and qualitative monetary steps. "With the three options in hand, we will use them without hesitation as needed to move toward the goal of achieving the 2 percent target at the earliest possible time," the BOJ chief said. Starting Feb. 16, a negative interest rate of minus 0.1 percent will be applied to part of the accounts of financial institutions at the central bank. The BOJ added that it will cut the interest rate further into negative territory "if judged as necessary." The introduction of a negative interest rate was decided in a 5 to 4 vote by Policy Board members. The BOJ now expects to hit its 2 percent inflation goal in the first half of fiscal 2017 starting April, compared to its previous estimate of the second half of fiscal 2016. The move took financial markets by surprise after the BOJ chief recently denied a negative interest rate was an option, with the key Nikkei stock index jumping nearly 3 percent. The dollar also briefly surged to a one-month high above the 121 yen line.