The Bank of Japan (BoJ) released its inflation expectations survey on Thursday. Japanese companies expect consumer price inflation to increase 1.4% in one year from now, unchanged from the December survey, the central bank said.

The consumer price inflation is expected to rise 1.6% in a three- year time frame and 1.6% in five-years, down from a previous estimate of 1.7%, according to the survey.

Companies' inflation expectations haven't been affected much by a slow recovery in consumer spending in Japan.