By refraining from adding further to its unprecedented monetary stimulus, the Bank of Japan (BOJ) has signaled increasing confidence in the nation's economic recovery, analysts told CNBC.
As widely expected, the central bank on Thursday kept its level of monthly purchases steady and its assessment of the economy unchanged at the conclusion of a two-day meeting.
While the decision triggered some chatter in the market that the BOJ is becoming "passive" and should be doing more, the broad agreement among market watchers is that the central bank has provided enough monetary stimulus for now, and is sending a message that the recovery is on track.
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"Today's statement means the BOJ is feeling more comfortable [with the economic outlook]," said Masayuki Kichikawa, chief Japan economist at Merrill Lynch Japan Securities.