It has happened for third time in last four months that Bank of Japan (BOJ) has expanded its asset-purchase program.

The new Prime Minister, Shinzo Abe has asked to take more action in order to put to an end the decline in prices and BOJ is considering revising its objectives for the same. It increased its asset-purchase from 66 trillion yen to 76 trillion yen, suggested a statement released today.

The term of the present Governor shall expire next year when Shinzo Abe will be taking up responsibilities as Prime Minster of Japan. Yen rose by 0.6% at 83.90 per dollars in Tokyo while the Nikkie 225 stock Average closed down by 1.2%.

The economy of the country declined by 3.5% in the last quarter, while it was down by 0.15, in three months prior to that. The central bank of the country has expanded its assets by five times since beginning of this year while its key interest rates remained constant between zero to 0.1%.

"The Japanese public and companies are trying hard in a grim situation. Urgent matters such as the strong yen, deflation, social security and diplomatic problems are piling up", said Akio Toyoda, the Chairman of Japan Automobile Manufacturers Association.