The central bank of Japan opted to leave both interest rates and the quantitative easing program unchanged, which helped the value of the nation's monetary unit recover against the U.S. dollar on Tuesday, according to Bloomberg.
Bank of Japan policy makers led by Governor Masaaki Shirakawa opted against implementing changes to the fund for asset purchasing and a credit loan program at 30 trillion yen and 35 trillion yen, respectively.
"Even though some overseas market players seem to have expected further easing, the central bank held its fire because of the rather favorable economic outlook," chief Japan economist Junko Nishioka with RBS told Reuters. "That said, the BOJ is basically maintaining its stance of monetary easing after setting an inflation goal of 1 percent. To clarify its determination to beat deflation, the BOJ could ease policy further as early as late April."
The past month has seen the yen lose 5.5 percent of its value to the greenback, according to Bloomberg.
Another central bank also is capturing attention as the U.S. Federal Reserve is preparing to meet on Tuesday to discuss the state of the U.S. economy, according to Dow Jones Newswires.
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