The Bank of Japan (BoJ) released its May monetary policy meeting minutes on late Tuesday. According to minutes, the country's economy continued to recover moderately. But there are downside risks to the recovery from developments in emerging and commodity-driven economies as well as the Greek debt problem and the possible tightening of monetary policy in the US.

The BoJ expects the consumer price inflation to be "about 0% for the time being" as energy prices remain low.

Private consumption was resilient, while housing investment showed some signs of picking up, the central bank noted.

Minutes showed that the central bank wants to continue its monetary policy until the 2% inflation target will be reached, and it will adjust its monetary policy if needed.

The BoJ decided to keep unchanged its monetary policy at its May meeting.