The Bank of Japan's latest policy meeting must have been quick

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The Bank of Japan kept monetary policy steady at its latest policy meeting, maintaining a tradition that dates back to October.

Voting 8-1 in favour of the decision, the bank pledged to increase the nation’s monetary base, largely through the purchase of Japanese government bonds, at an annual pace of about 80 trillion yen.

The decision was widely expected by the markets.

Takahide Kiuchi, yet again, was the dissenter, calling for the bank to increase the monetary base at an annual pace of 45 trillion yen.

Adding to the excitement, the bank also left its assessment on the Japanese economy unchanged from that seen earlier in the month.

“Japan’s economy continues to recover moderately although exports and production have been affected by the slowdown in emerging economies,” the BOJ said.

Market attention will now turn to BOJ governor Haruhiko Kuroda’s press conference scheduled for 3.30pm in Tokyo (5.30pm AEST).

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