They were lifted as oil prices held near 2 percent gains made the previous session when falling US crude inventories gave the market a lift ahead of a key OPEC meeting next week. The European Central Bank, which is said to examine options for winding down quantitative easing, concludes its own governing council meeting later on Thursday.
"Going forward, there will be even more attention on the sustainability of the stimulus from market participants and lawmakers", Shirawaka said.
"I don't think people will lose trust in BOJ just because our forecasts were missed", Kuroda said during a news conference.
Is BoJ stuck with vulnerability to deal with inflation?
Masaaki Kanno, chief economist at Sony Financial Holdings and a former BOJ official, warned that the central bank risks drying up the market for Japanese government bonds before reaching its price goal.
Analysts say the global shift toward tighter policy may make it hard for the BOJ to keep interest rates in the country low, as those in other countries begin rising.
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The BOJ pledged to maintain its yield-curve control program and asset purchases, a result predicted by all 43 economists surveyed by Bloomberg. As such, the bank now expects gross domestic product (GDP) in fiscal 2017 to increase 1.8 percent compared to 1.6 percent forecast in April, with the outlook for fiscal 2018 also expected to expand from 1.3 percent to 1.4 percent. It also cut its price estimates for the current and next fiscal years.
"With inflation now around 0.5% and no rapid pick-up in sight, the board's inflation forecasts for both this year and next remain too high, and further reductions in the next outlook report, due in October, are likely", research company Capital Economics said in a report.
The BOJ is under pressure to explain when, and under what conditions, it might begin an exit.
Consumer prices in Japan have stubbornly refused to budge, forcing the Bank of Japan to revise its inflation outlook yet again - and Gov. Haruhiko Kuroda to lament the country's persistent deflationary mindset. BOJ indicated that "the year-on-year rate of change in the CPI is likely to continue on an uptrend and increase toward +2%'". Amid fiscal uncertainty, markets have trimmed US interest rate-increase expectations for the Federal Reserve to less than 50 percent by year-end despite assertions from policy makers that another hike seemed appropriate.
The other main mover was the Australian dollar as it set a new two-year high, still heady from an upbeat sounding Reserve Bank of Australia earlier in the week.
"Abenomics, with its reliance on monetary policy, has reached its limit", he said, referring to Prime Minister Shinzo Abe's economic policies. Or a year later than the last forecast.