The Bank of Japan (BoJ) released its monthly economic report on Thursday. The BoJ said that Japan's economy has continued to recover moderately.
The BoJ noted that recovery in private consumption remained sluggish and private consumption as a whole has remained resilient.
The central bank also said that exports and production have been picking up.
The BoJ downgraded its view on inflation. It said consumer price inflation rose at an annual pace of about 0.5%. In the previous statement, the central bank said that inflation in Japan was in the range of 0.5% to 1%.