The Bank of Japan (BOJ) held off on further stimulus at its policy meeting on Friday, instead reiterating its pledge to increase its monetary base at an annual rate of 80 trillion yen ($660 billion).
Base money represents cash and deposits held by the central bank, which it expands by buying government bonds and risk assets.
The BOJ said that the decision was made in an eight-to-one vote.
At a press conference following the meeting, BOJ Governor Haruhiko Kuroda said there were no proposals at Thursday's meeting to ease monetary policy.
He added that while the timing for achieving the inflation target has been delayed, it was largely due to the effect of energy price falls.
"We've said two years is the time frame we have in mind when we say we will aim to achieve our inflation target at the earliest date possible," Kuroda said. "We won't hesitate to make necessary policy adjustments if we judge that there is a change in the broad price trend."
The bank has not expanded its stimulus program since last October, even as falling oil prices and weaker exports, particularly to a slowing China, made it more difficult for Japan to reach the BOJ's 2 percent inflation target.
Kuroda has argued in the past that the tight job market, by pushing up wages and thus consumer spending, would be sufficient to boost inflation. The governor has noted that consumer prices were trending steadily when energy and food were excluded.