The Bank of Japan (BoJ) released its minutes from February meeting. The central bank said that Japan's economy continues to recover moderately.

The BoJ board members noted that stimulus measures have the desired effects. They added that consumer inflation slowed due to falling energy prices.

The central bank voted 8-1 to keep its monetary policy unchanged.

Japan's central bank downgraded its consumer inflation forecast to around 0.5% from the range of 0.5% - 1.0%.