The Bank of Japan decided Tuesday to maintain its current easy monetary policy and assessment of the economy as recovering moderately, while declining crude oil prices continue to cloud prospects of achieving its 2 percent inflation target.
The central bank's nine-member Policy Board voted to keep its key policy of increasing base money at an annual pace of about 80 trillion yen through massive asset purchases, according to Japan (Kyodo) News Agency.
The BOJ downgraded the outlook on prices, saying the year-on-year rate of increase in the consumer price index "is likely to be about 0 percent for the time being," citing the effects of declining energy prices.