The Bank of Japan (BoJ) released its interest rate decision today. The Bank of Japan kept unchanged its interest rate. Japan's central bank will continue to expend the monetary base at an annual pace of about 60-70 trillion yen.

The BoJ's maintained its inflation projections. According to the BoJ's board, Japan's economy the economy would continue recovering moderately.

The BoJ lowered its growth forecast to 1.0% for the current financial year ending in March 2015 from the previous growth of a 1.1%.

The BoJ Governor Haruhiko Kuroda said that Japan's economy was only halfway to reaching the 2% inflation target. He added the central bank would maintain its stimulus measures until the 2% target was met.

Mr. Kuroda also said that he doesn't think consumer inflation will fall below 1%.