The Bank of Japan kept monetary policy steady Friday, noting that the economy is recovering but warning of recent weakness in Japanese exports and production.
The BOJ decided to continue making massive asset purchases from banks to expand the nation's monetary base by ¥60 trillion to ¥70 trillion a year as it attempts to stoke 2 percent inflation. The decision was made in a unanimous vote by the central bank's Policy Board at the end of its two-day meeting.
"Japan's economy has continued to recover moderately as a trend, although the subsequent decline in demand following the front-loaded increase prior to the (April 1) consumption tax hike has been observed," the BOJ said in a statement, leaving its overall assessment of the economy unchanged.