By
"Japan's economy continues to pick up but at a more moderate pace, mainly due to the effects of a slowdown in overseas economies," the central bank said in a statement issued after its policy review.
As widely expected, the BoJ maintained its key interest rate at a range of zero to 0.1 percent by a unanimous vote.
Governor Masaaki Shirakawa will hold an embargoed news conference with his comments expected to come out sometime after 4:15 p.m.
At the previous rate review on Oct. 27, the BoJ cut its economic forecasts and eased policy by topping up its asset buying scheme, under which it buys government bonds and corporate debt, by 5 trillion yen to 20 trillion.