The Bank of Japan left its massive monetary stimulus unchanged on Thursday and pushed back the timeframe to achieve its 2 percent inflation target.

The bank has upgraded its growth forecasts as private consumption and exports are expected to continue moderate increasing trend.

The BoJ policy board, led by Governor Haruhiko Kuroda, voted 7-2 to retain the central bank's target of raising the amount of outstanding Japan government bond holdings at an annual pace of about JPY 80 trillion.

The BoJ board also voted to retain the -0.1 percent interest rate on current accounts that financial institutions maintain at the bank.

The central bank will purchase government bonds so that the yield of 10-year JGBs will remain at around zero percent.

The bank said risks to both economic activity and prices are skewed to the downside.

The growth outlook for the fiscal 2017 was upgraded to 1.8 percent from 1.6 percent and that for the fiscal 2018 was upgraded to 1.4 percent from 1.3 percent. The bank maintained the fiscal 2019 projection at 0.7 percent.

As price growth has remained relatively weak, the inflation projection for the fiscal 2017 was lowered to 1.1 percent from 1.4 percent and the outlook for the fiscal 2018 to 1.5 percent from 1.7 percent.

In the fiscal 2019, inflation is forecast to be 2.3 percent instead 2.4 percent.

The timing for annual inflation to reach around 2 percent will likely be around fiscal 2019, the bank said.

Even after today's downward adjustments, the Bank's inflation forecasts for the current fiscal year remain too high and there is little chance of hitting the 2 percent target next year either, Marcel Thieliant, an economist at Capital Economics, said.

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