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The Bank of Japan (BoJ) released its interest rate decision on Friday. The BoJ kept its interest unchanged, but decided to increase its monetary base target to an annual increase of ¥80 trillion, up from ¥60-70 trillion, and to boost exchange-traded fund purchases to ¥3 trillion. This decision was not expected by analysts.
Five BoJ board members voted in favour to boost stimulus measures, while four voted against the further stimulus measures.
The central bank said that "Japan's economy continues to recover moderately as a trend and its expected to keep growing above its potential". The BoJ added that "weak domestic demand after the sales tax hike and sharp falls in oil prices are weighing on prices".
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