The Bank of Japan's policy-setting panel said Tuesday it will further ease its monetary grip.

The measure is intended to sustain the emerging signs of an economic recovery while fighting the nation's persistent deflation, and reportedly not a move to check the yen's rise.

After a two-day meeting, the BOJ Policy Board decided to expand the target for the outstanding balance of deposits in current accounts held by private financial institutions at the central bank to a range between 30 trillion yen and 35 trillion yen from the current range of between 27 trillion yen and 32 trillion yen.