The Bank of Japan (BOJ) refrained from adding to unprecedentedmonetary stimulus as Governor Haruhiko Kuroda said the blow to theeconomy from last week's sales-tax increase will fade during thesummer.

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

While the central bank highlighted a pickup in privateinvestment and increasing industrial production, economistsforecast the BOJ will boost stimulus by July, according to aBloomberg News survey ahead of today's decision. A drop in aconfidence indicator, announced separately today, to the lowestsince 2011 highlighted risks to the recovery as the tax bump dampsconsumption.