As expected, the Bank of Japan has kept monetary policy steady in November.
Following a familiar pattern, the board voted 8-1 to increase the monetary base at an annual pace of about 80 trillion yen, something that has been in place since October 2014.
Takahide Kiuchi, yet again, was the dissenter, calling for the bank to increase the monetary base at an annual pace of 45 trillion yen.
The full monetary policy statement is here.
Within the policy statement, the board noted that the Japanese economy has continued to recovery modestly, although acknowledged that exports and production had been affected by the slowdown in emerging economies.
The statement came despite the Japanese economy contracting 0.8% in the September quarter, marking a technical recession following a similarly shallow decline in Q2.
Despite the weak reading one-off effects from inventory reductions masked an improvement in private sector consumption.
On the crucial inflation outlook, the board suggested that inflation expectations appear to be rising on a whole from a somewhat lower perspective, although acknowledged that some indicators had recently shown relatively weak developments.
BoJ Governor Haruhiko Kuroda is scheduled to hold his usual post-meeting press conference from 5.30pm AEDT.
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