What we need to know about the upcoming meeting, about the interest rates of Japan

Tonight Bank of Japan will come up with a decision about the monetary policy.

After no policy change was announced at the BOJ’s most recent meeting three weeks ago, several key economic reports have been released. Yet data on exports, retail sales and production haven’t raised the chances of easing.

The central bank is currently targeting an annual expansion of $660 billion in the monetary base, mostly by purchasing Japanese government bonds. Purchases of Japanese government bonds, exchange-traded funds and real estate investment trusts aren't the only options, available for BOJ.

The report showing industrial production rose 1 percent in September may have given the BOJ room to breathe without further easing.

The BOJ now says it expects consumer prices excluding fresh food will reach the 2 percent level around the first half of fiscal 2016. So fat the BOJ is sticking with its commitment to achieve the inflation target “at the earliest possible time, with a time horizon of about two years,” the goal laid out in an April 2013 policy.

Growth projections also will be cut, after the economy contracted from April to June.

Government officials aren’t calling for further easing. Some officials in Abe’s office and at the finance ministry see no need for the BOJ to further expand its stimulus program amid concern it would harm consumers.