Bank of Japan: No new easing measures

The Bank of Japan (BoJ) on Wednesday held off fresh easing measures, saying after a two-day policy meeting that its continuation of steps introduced last month would help Japan overcome deflation. The central bank said its widely-expected decision to stand pat was reached by a unanimous vote by its board. In early April, the bank's new management team – hand-picked by Prime Minister Shinzo Abe -- embarked on a new era of huge spending by announcing a stimulus programme with massive monetary easing. At his first meeting as BoJ governor, Haruhiko Kuroda, a staunch critic of the previous bank chief's efforts to kick-start the economy, said he would double the money supply and vowed no let-up in the fight to reverse falling prices. The bank said in a statement Wednesday that it would continue with the monetary easing, aiming to achieve the inflation target of two percent "as long as it is necessary for maintaining that target in a stable manner". "(The bank) will examine both upside and downside risks to economic activity and prices, and make adjustments as appropriate," it said. "Such conduct of monetary policy will support the positive movements in economic activity and financial markets, contribute to a rise in inflation expectations, and lead Japan's economy to overcome deflation that has lasted for nearly 15 years."