The Bank of Japan (BoJ) released its minutes from the latest meeting. The central bank said that exports remained weak. The BoJ expects exports to increase moderately as overseas economies recover.

The central bank thinks the negative effects of the sales tax hike "had gradually begun to wane".

The BoJ expect Japan's economy will recover moderately.

Board members agreed that private consumption declined due to the sales tax hike.

One BoJ board member expressed concerns that inflation target of 2% would be achieved in about two years.

Many BoJ board members said that "it was important to continue to carefully monitor developments in inflation expectations".