TOKYO (Reuters) - The Bank of Japan maintained its massive stimulus and its optimistic view of the economy on Wednesday, unfazed by recent signs of weakness in consumer spending and factory output.
As widely expected, the BOJ left unchanged its pledge to increase base money, or cash and deposits at the central bank, at an annual pace of 80 trillion yen ($670 billion) through purchases of government bonds and risky assets.
Board member Takahide Kiuchi made a change in his lone proposal against the stimulus programme. He proposed that the BOJ increase both its base money target and its JGB holdings at an annual pace of 45 trillion yen, respectively. His proposal was turned down by a majority vote.
BOJ Governor Haruhiko Kuroda will hold a news conference at 3:30 p.m. (0630 GMT) to explain the policy decision.
The BOJ has stood pat on policy since expanding stimulus in October last year to prevent slumping oil prices, and a subsequent slowdown in inflation, from delaying a sustained end to deflation.
Also Read
($1 = 119.5600 yen)
(Reporting by Leika Kihara, Stanley White, Tetsushi Kajimoto and Mari Saito; Editing by Chris Gallagher & Kim Coghill)
