The Bank of Japan (BoJ) released its October 6-7 monetary policy meeting minutes on late Wednesday evening. According to minutes, the country's economy continued to recover moderately but exports and industrial production were flat due to the slowdown in emerging economies.
Labour market conditions continued to improve steadily, while employee income rose moderately, according to the minutes.
Private consumption was resilient, while housing investment picked up, the central bank noted.
Board members expect the inflation in Japan to be close to zero.
"As for prices, members concurred that the year-on-year rate of change in the CPI (all items less fresh food) was about 0 percent and was likely to remain at this level for the time being due to the effects of the decline in energy prices," the minutes said.
The BoJ decided to keep unchanged its monetary policy at its October meeting.