The Bank of Japan (BOJ) was more optimistic when describing the country's economic condition. According to a statement, the central bank of Japan said that the world's third largest economy was "starting to recover moderately".

Last month the BOJ had said the economy was "picking up". The BOJ has since upgraded its assessment and repeated that there was an improvement in the country's exports and company profits.

Earlier this year, the BOJ implemented "Abenomics", a monetary policy that was aimed at boosting inflation and growth. Abenomics was coined from the name of Japan's new Prime Minister, Shinzo Abe.

According to the BOJ, "The bank will continue with quantitative and qualitative monetary easing, aiming to achieve the price stability target of 2 percent, as long as it is necessary for maintaining that target in a stable manner."

In addition, it expanded the policy's monetary base. The monetary base was expanded to JPY70 trillion (US$707 billion), an addition of about JPY60 trillion (US$606 billion).