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Japan's central bank kept its monetary policy unchanged on Tuesday and is more optimistic about inflationary expectations than it did three months ago, underscoring its conviction that its economic recovery is slowly pushing prices closer to its 2% target.

However, Governor Kuroda, a central bank governor, may warn investors after the conference that the inflation rate is still far from its goal to dispel market speculation about the early withdrawal of stimulus.

At a two-day policy meeting that ended Tuesday, the Bank of Japan kept short-term interest rates unchanged at 0.1% and kept the 10-year JGB yield near zero, in line with widespread expectations.

The Bank of Japan also maintained its accommodative easing commitment to buying government bonds so that its bond positions will grow by 80 trillion yen ($ 722 billion) each year.

The BOJ maintained its forecast of economic growth for FY 2018 and FY 2019 in the quarterly bully at 1.4% and 0.7% respectively. FY 2018 starts in April.

The central bank's policy committee also maintained its price forecast unchanged, with inflation expected to reach around 2% for the fiscal year ending March 2020.

"Inflation expectations have fluctuated recently," the bank said in the report, more optimistic than three months ago when the bank said the inflationary tone was weak.

The dollar fell against the yen, traders said on the change in perception of inflation outlook.

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