Bank of Japan's waiting game set to continue

But the central bank statement warned of risks to that scenario from global trends, including USA policies.

The Bank has raised the real gross domestic product (GDP) forecast for the year 2017-18 to 1.6%, as against 1.5%, projected in January. "The prerequisite for such debate to happen is for inflation to achieve 2 percent".

It also comes as the US Federal Reserve is increasing interest rates and European Central Bank officials, who meet later Thursday, have started discussing the stimulus program taper. The central bank continued to say it will hit the price target around the fiscal year starting next April, indicating its broad scenario hasn't changed from three months ago.

The Japanese government bonds traded flat after the Bank of Japan (BoJ) left its benchmark policy rate unchanged at its monetary policy meeting held earlier today.

While global demand is supporting exports and contributing to modest economic growth, four years of extraordinary monetary stimulus is generating only the smallest of increases in prices.

Kuroda's comments come as the United States central bank raises interest rates while speculation swirls that the European Central Bank is considering backing off its own stimulus by turning off the taps on massive bond-buying or raising borrowing costs from historic lows. This is because many expect consumer prices to pick up somewhat later this year, thanks to rising oil costs and the relatively weak yen.

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The Bank of Japan forecast Thursday that growth in the world's third-largest economy would remain steady through the fiscal year ending in March 2018.

Accompanying the meeting would be their quarterly summary of economic projection and a moderation of the central bank's inflation expectations is expected.

In the US, the question is how many times will the Fed increase rates this year, while in Europe, Mario Draghi faces increasing pressure to map out a path toward the end of stimulus. Figures for March are due on Friday, with the median of estimates compiled by Bloomberg for another gain of 0.2 percent.

"I think discussing an exit in concrete terms now would run the risk of confusing markets", Kuroda said during a news conference after the policy decision was announced.

"The BOJ's price forecasts are too optimistic, so there's a very high chance they will be revised down". The BOJ will communicate appropriately when it nears an exit, he added.

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