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The Bank of Japan decided Wednesday to keep its current monetary easing policy aimed at beating deflation, according to a statement released after a two-day policy meeting of the bank.
The nine-member Policy Board unanimously decided that the BOJ would increase the monetary base at an annual pace of around 60 trillion yen to 70 trillion yen, in line with measures announced in April, according to the statement.
Exports have stopped decreasing as overseas economies have been moving out of the deceleration phase, it said.
On prices, the statement said that "some indicators suggest a rise in inflation expectations" although the year-on-year rate of change in the consumer price index excluding fresh foods has been negative.
It also said capital investments continued to show strength in the nonmanufacturing sector and appeared to have stopped weakening on the whole.
On the outlook of the economy, the BOJ said it is "expected to return to a moderate recovery path" as domestic demand remains firm due to the effects of monetary easing and various economic measures as well as a gradual pickup in growth of overseas economies.
