The Bank of Japan (BOJ) refrained from adding to unprecedented monetary stimulus as Governor Haruhiko Kuroda said the blow to the economy from last week’s sales-tax increase will fade during the summer.

The central bank will continue to expand the monetary base at a pace of 60 trillion yen to 70 trillion yen ($682 billion) per year, it said in a statement today in Tokyo, as forecast by all 36 economists in a Bloomberg News survey. At a press briefing, Kuroda said the BOJ would always adjust policy without hesitation as needed, including easing or tightening.

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