The Bank of Japan held to its upbeat view on the economy and heavy monetary stimulus this morning, despite the recent stings from a 3% sales tax hike in April. The projection of economic recovery saw consumption benefiting from a tightening job market resulting in higher wages. Leaving its policy framework unchanged, the central bank also pledged to increase base money by 60T-70T yen ($571B-$666B) per year via aggressive asset purchases to reflate its declining economy.