Shares in Japan were lower on Thursday as the Bank of Japan kept monetary policy steady.
The Japanese yen last traded at 109.56 per dollar, strengthening from an earlier low of 109.67.
In its statement, the BoJ said: “Japan’s economy is likely to continue on a moderate expanding trend, as the impact of the slowdown in overseas economies on domestic demand is expected to be limited, although the economy is likely to continue to be affected by the slowdown for the time being.”
“It seems as though ... there was much more expectation of easing in the October meeting but there are some positive signs coming from the global economy,” Tom Learmouth, Japan economist at Capital Economics, told CNBC’s “Street Signs” on Thursday.
He added that a broader measure of consumption for October released this week showed a “much smaller drop off in consumption” following a sales tax hike that month. “All that supports the Bank of Japan ... staying on hold for the foreseeable future,” he said.