MOSCOW, October 7 (RIA Novosti) - The Bank of Japan is set to increase the annual pace of growth of its monetary base by 60 trillion yen ($550 billion) to 70 trillion yen ($645 billion), a statement posted on the bank's website Tuesday read.
"The Bank of Japan will conduct money market operations so that the monetary base will increase at an annual pace of about 60-70 trillion yen," the statement said.
The bank also intends to extend the scale of its asset purchases. Specifically, it will purchase Japanese governments bonds (JGBs) in a bid to increase their amount at an annual pace of about 50 trillion yen.
The bank will additionally purchase exchange-traded funds (ETFs) as well as Japan real estate investment trusts (J-REITs) in order that their amounts can reach about one trillion yen and 30 billion yen respectively at an annual pace.
The bank notes that even though Japan's economy is recovering, some weakness is still being observed, which, according to the bank, has been brought about by declines in demand that occurred after an increase in front-loading before a hike in the country"s consumption tax.