The Bank of Japan (BoJ) released its interest rate decision today. The BoJ kept its monetary policy unchanged.

Japan's central bank said that the economy recovered moderately as a trend. The BoJ added that production has showed some weakness due to a sales tax hike in April.

The BoJ Governor Haruhiko Kuroda said at a press conference today that the BoJ will closely monitor the exchange rate. He added that the central bank will maintain its quantitative and qualitative monetary easing program until the inflation target of 2% is achieved. Kuroda noted the BoJ will adjust its quantitative and qualitative monetary easing program if necessary.

Current fall in crude oil prices is good for Japan's economy, Kuroda said.

The BoJ governor pointed out that job and income conditions are improving.