The Bank of Japan (BoJ) released its July monetary policy minutes on late Tuesday evening. The board members noted that overseas economies would continue to recover and Japan's economy is expected to recover moderately. But a slowdown in China's economy may hurt Japanese exports, the board members said.

At least two board members noted that inflation expectations have either weakened or are lower.

The majority of board members expect the inflation to reach 2% target by September 2016.

The board members pointed out that the weakness in consumption was temporary.

The BoJ board members voted 8-1 to keep monetary policy unchanged in July.