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TOKYO, June 13 (Xinhua) -- The Bank of Japan (BOJ) on Friday voted unanimously to continue to expand its monetary base, stating that the domestic economy is on a moderate recovery path despite the consumption tax hike in April, while raising its view on overseas economies.


Following the bank's two-day policy meeting Cheap Miami Dolphins Jerseys , BOJ Governor Haruhiko Kuroda said he remains confident the bank will hit its 2 percent inflation target next year, as the central bank's monetary base target of buying government bonds and financial assets from banks remains on track, with the downside effects of the April 1 tax hike from 8 to 10 percent expected to wear off.


The BOJ chief also reiterated the bank's view made by statement earlier in the day that the domestic economy is on a moderate recovery track.


"The negative effects of the consumption tax hike will diminish in this summer or later. It is rather certain the economy will gradually return to growth beyond its potential," Kuroda told a news conference following the conclusion of the policy board's two- day meeting.


The bank's nine-member Policy Board unanimously voted to maintain its year-long current monetary policy of expanding its monetary base at an annual pace of 60-70 trillion yen (around 590- 688 billion U.S. dollars), through the purchases of government bonds and other assets.


"The Bank of Japan will conduct money market operations so that the monetary base will increase at an annual pace of about 60 to 70 trillion yen," the BOJ said in a statement.


The bank also upheld its view of Japan's economy for a ninth successive month stating that, "Japan's economy has continued to recover moderately as a trend Cheap Los Angeles Rams Jerseys ," although the bank noted that the hike in consumption tax in April had dented domestic demand, household spending and business investment.


"The subsequent decline in demand following the front-loaded increase prior to the consumption tax hike has been observed," the BOJ said.


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