Bank of Japan (BoJ) Governor Haruhiko Kuroda said in a speech on Wednesday that there was no limit to monetary policy easing.

"If we judge that existing measures in the toolkit are not enough to achieve the goal, what we have to do is to devise new tools, rather than give up the goal," he said.

"I am convinced that there is no limit to measures for monetary easing. The Bank will continue to devote itself to innovation in monetary policy measures," Kuroda added.

He pointed out that the central bank could cut its interest rate further if needed.