The Bank of Japan's policy-setting panel left its monetary policy unchanged Thursday.
After a two-day meeting, the Policy Board agreed to measure the impact of the monetary-easing steps decided last month.
The BOJ said it wants to see whether the steps will promote an economic recovery while fighting deflation.
The nine-member Policy Board agreed unanimously to keep its 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 to inject more liquidity into the financial system.
BOJ Gov. Toshihiko Fukui told a news conference that the central bank has not yet examined the effects of the steps, reviewed about two weeks ago.
Asked about the yen's recent rise against the dollar, Fukui said, "It is caused by the weakness of the dollar against other currencies, including the euro and yen."
Fukui said the BOJ is carefully monitoring the yen, although it is difficult to measure how much it has been influencing the nation's economy.