Bank of Japan Governor Haruhiko Kuroda does not see a reason to increase the bank's bond yield targets as inflation has not meet its 2% target.

"There is no reason to reduce the level of monetary accommodation in light of current economic and price developments," Kuroda said at a Reuters event on Friday.

"I don't think we need to raise our interest-rate targets now," he continued. "It's unclear whether inflation will hit our 2% target before my term ends next April."

Japan's economy has begun to move again over the last several months as the rise in global demand is benefitting exports and factory output, Reuters noted.

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