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Tokyo: The Bank of Japan kept monetary policy steady and offered a brighter view of the economy on Tuesday, signalling its conviction that a weak yen and a rebound in overseas demand will heighten prospects for a solid recovery.

“Japan’s economy continues to recover moderately as a trend," the central bank said in a statement announcing its policy decision.

That was more upbeat than its assessment made on 1 November, when it said that while Japan’s economy continued to recover moderately as a trend, some weaknesses were seen in exports and output.

In a widely expected move, the BOJ maintained the 0.1% interest it charges on a portion of excess reserves that financial institutions park with the central bank.

At the two-day policy meeting that ended on Tuesday, it also left unchanged its 10-year government bond yield target of around zero percent.

BOJ governor Haruhiko Kuroda will hold a news conference later to explain the policy decision.

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