Members of the Bank of Japan's monetary policy board said that the country's trend of economic recovery remains on track, minutes from the central bank's meeting on July 14 and 15 revealed on Wednesday. The monetary policy put in place is having the intended results, the bank added - although a decline in demand has been observed following the consumption tax increase. Downside risks remain for the recovery - mostly from emerging markets and commodity exporters, as well as the European debt situation and the pace of the recovery in the United States. "Quantitative and qualitative monetary easing has been exerting its intended effects, and the Bank will continue with the QQE, aiming to achieve the price stability target of 2 percent, as long as it is necessary for maintaining that target in a stable manner," the minutes said. At the meeting, the central bank kept its benchmark interest rate unchanged at 0 to 0.10 percent while also deciding to continue to increase the monetary base at
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