The Bank of Japan (BoJ) released its August monetary policy meeting minutes on late Thursday. According to minutes, the country's economy continued to recover.

Board members noted that there is the slowdown in emerging economies but the economies were likely to improve from a longer-term perspective.

Many board members wanted to monitor closely how Japan's exports could be effected by further slowdown in emerging economies, including China.

The central bank expects the country's economy to recover moderately.

"With regard to the outlook, Japan's economy is expected to continue recovering moderately. The year-on-year rate of increase in the CPI is likely to be about 0 percent for the time being, due to the effects of the decline in energy prices," 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.

Private consumption was resilient, while housing investment picked 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 August meeting.