The board was expected to have debated the benefits the fiscal package will deliver to the economy, as well as global risks such as the U.S. government shutdown and the October 17 deadline for a deal to raise the U.S. debt ceiling.
Big test next year
Japan's economy has now grown for three successive quarters as Abe's reflationary policies bolstered household spending and drove down the yen, benefiting exports, with annualized growth of 3.8 percent in April-June outpacing many G7 nations.
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Big manufacturers' sentiment has risen to its highest in nearly six years, the BOJ's "tankan" survey for the September quarter showed, underscoring its view the economy is on track for a moderate recovery.
Policymakers see capital expenditure and wage growth as key in achieving a sustained economic recovery and pulling Japan out of deflation, because companies have been hoarding cash instead of spending for decades due to the murky economic outlook.
The BOJ estimates that even with the sales tax increase, the economy will expand 1.3 percent in the business year beginning in April next year. This already far outpaces the 0.7 percent growth projected in a recent Reuters poll.
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Having launched its intense burst of stimulus in April, the BOJ does not want to act again easily. But it has not ruled out expanding stimulus if the damage from the tax hike proves bigger than expected and threatens achievement of 2 percent inflation.
The big test will come in spring next year, and not just from the sales tax hike. There will also be more clarity on whether companies will raise wages enough to offset some of the pain households will feel from the tax hike, BOJ officials say.