The Bank of Japan Policy Board on Tuesday left its monetary policy unchanged amid a gradual recovery in the nation’s economy.

After a two-day meeting, the nine-member Policy Board unanimously decided that the central bank will continuously inject money into the banking system to ensure that the balance of banks’ deposits at the BOJ stays between 30 trillion yen and 35 trillion yen.

“The current monetary policy is effective to help the private sector to raise funds by supplying a large volume of cash to markets,” BOJ Gov. Toshihiko Fukui told a news conference after the policy meeting.

The BOJ released its monthly economic assessment the same day, stating that the economy is recovering, backed by strong exports and growing corporate capital expenditure.

Coronavirus banner