The Bank of Japan (BoJ) released its September monetary policy meeting minutes on late Monday evening. According to minutes, the country's economy continued to recover moderately but exports and production were affected by the slowdown in emerging economies.

Many board members expect the inflation in Japan to rise.

"On the price front, the year-on-year rate of increase in the consumer price index (CPI, all items less fresh food) is about 0 percent. Inflation expectations appear to be rising on the whole from a somewhat longer-term perspective," the minutes said.

There are downside risks to the recovery in Japan from developments in emerging and commodity-driven economies as well as the debt problem and the momentum of economic activity and prices in Europe and the pace of recovery in the US. Economy, the minutes said.

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 September meeting.