On Monday, Bank of Japan Governor Masaaki Shirakawa resounded his pledge that the central bank will continue to maintain its very lenient and accommodative monetary stance, in order to keep deflation, which might worsen the economic conditions across the country, at bay.

By repeating the bank's usual refrain as far as tightening of policies goes, Mr. Shirakaw maybe also suggested that there would be no additional easing of steps undertaken during the next policy review meeting of the bank which is all set to happen during early next week.

BOJ "recognizes that it's extremely important for the Japanese economy to overcome deflation and to get back on a sustainable growth path under price stability. The central bank will patiently continue to work to stop price falls and help the economy", Mr. Shirakawa said.

Another hint pointing to the possibility of the bank to not take any actions in the near future was the central financial institution's upgrade of its economic assessment in its report.

On Monday, the bank lifted its core economic assessment of Japan's local economies for the third straight quarter.