The Bank said: "Japan's economy currently confronts the long-term structural challenge of declining trend growth rates amid rapid population aging. Tackling this challenge is crucial for establishing a new basis for economic growth. The goal of overcoming deflation will be achieved through such efforts to strengthen growth potential and via support from the financial side. With this in mind, it is important for business firms, financial institutions, the government, and the central bank each to continue exerting themselves in their respective roles."
The Bank of Japan added another 10 trillion yen to its 65 trillion yen quantitative easing program last month, after it expanded its asset purchase program in October by another 5 trillion yen to 55 trillion yen, and previously announced additions to its quantitative easing program during its August meeting. The Bank had previously changed its asset purchase program in March last year, when it added a further 5 trillion yen to its target.