Bank of Japan keeps steady on monetary policy

No change in monetary easing.

Bank of Japan (BoJ) kept the pace of its monetary easing unchanged (as launched in April), and reiterated its assessment of the economy using the same language of last month in referring to continued signs of a "moderate recovery," notes BBVA.

BoJ's governor Haruhiko Kuroda also called on the government to proceed with its plans for a consumption tax hike in 2014, noting "the effect of the BoJ's easing could diminish without fiscal reforms, should its massive purchases of government bonds be taken in market as debt financing."

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