Japan central bank set to vow boldest action yet to lift economy

The Bank of Japan is set to unveil its most determined effort yet to beat years of economic stagnation. 

The central bank is wrapping up a two-day policy meeting later today. 

Under pressure from new Prime Minister Shinzo Abe for bolder action to overcome deflation and lift the economy out of recession, 

the central bank will issue a joint statement with the government pledging to pursue aggressive monetary easing to double its inflation target to 2 percent. 

The yen has been in a steep decline as markets bet the BOJ will inflate its asset-buying programme.