The Bank of Japan on Thursday joined other central banks in taking a step towards phasing out emergency measures aimed at tackling the impact of the financial crisis, saying it would stop buying ­corporate bonds and commercial paper at the end of the year.

However, in a sign that Japan’s central bank remains cautious about the downside risks to the ­economy, it extended its programme to provide limitless lending to help corporate financing until the end of the fiscal year, next March.