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The Bank of Japan governor indicated July 14 there would be no immediate change in monetary policy when he said the nation’s economy remains on a moderate recovery track and it is the central bank’s priority to solidify the recovery.

Addressing a two-day meeting of BOJ branch managers at the bank’s head office in Tokyo, Yasuo Matsushita noted the economy as a whole is on a slow recovery trend. Although negative effects of the April 1 consumption tax hike linger in personal consumption, the recovery is being supported by steady production and income, he said.

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