Bank of Japan increases stimulus to boost growth

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Governor Masaaki Shirakawa said that Japan's economy is headed towards a moderate recovery but the outlook remains highly uncertain.

The central bank ended a two-day review by easing monetary policy. The 20 trillion increase was earmarked entirely for long-term government bonds.

Shirakawa shrugged off suggestions that the central bank eased monetary policy in response to government pressure for more action to support the economy.

"The government and the Bank of Japan share a view on what is deemed as price stability," Shirakawa said in a news conference.

It also defined 1% consumer inflation as a near-term goal, responding to growing calls for more action to help an economy mired in deflation and weighed down by a strong yen.