The central bank kept its quantitative easing (QE) programme steady at £375 billlion, opting against more stimulus amid tentative signs that the economy is set to return to growth.
The Bank of England has held off from more emergency support as policymakers wait to see if the economy managed to grow in the first quarter.
The Bank's Monetary Policy Committee (MPC) also kept interest rates at their record low of 0.5% - where they have sat since March 2009.
Stronger-than-expected figures from the dominant services sector have lifted hopes that the economy grew between January and March. That would mean the UK narrowly avoids a triple-dip recession, and ease pressure on the Bank to pump more money into the economy.
However, some economists believe the Bank will need to resume QE in coming months as Britain's anaemic recovery struggles to gain momentum. Allan Monks, economist at JPMorgan Chase Bank, expects more action next month: "Given the weak euro area backdrop, we believe the UK data would need to improve more decisively to talk the MPC out of doing more next month."
The vote by the MPC's nine members is likely to have been finely balanced. Outgoing Bank Governor Sir Mervyn King and fellow rate-setters David Miles and Paul Fisher repeated calls for another £25 billion of QE at last month's meeting, but were voted down over fears of the impact on the pound.
Stephen Gifford, CBI director of economics, said: "While muted growth prospects and international uncertainty will keep open the possibility of further QE, the persistence of above-target inflation may act as a bar to looser policy."
The Bank of Japan said that it would massively expand the country's money supply with a QE programme to create inflation and lift the country out of its long economic malaise. It joins the Bank of England, the US Federal Reserve and other major central banks in pumping money into the economy with the aim of getting companies and households to increase spending and lift Japan's stalled economy.
Although widely anticipated, the decision gave the pound a slight boost, with sterling recovering earlier losses against the euro and narrowing the gap on the dollar. Some MPC members have voiced fears more QE could weaken sterling dangerously.
The unchanged decision came despite the Bank being given a more flexible remit to disregard inflation risks when setting monetary policy. Chancellor George Osborne last month allowed the central bank to make "short-term trade-offs" between inflation and growth, in a bid to spur faster economic recovery.