The Bank of Japan left monetary policy unchanged on Wednesday. It dropped the word "deflation" from its post-meeting statement, saying that the economy is showing a "moderate recovery".
Indeed, earlier on Wednesday, Japan had reported that its trade deficit shrank in April as exports rose 5.1 percent from the previous year while imports rose 3.4 percent.
Elsewhere on Wednesday, the European Commission reported that its eurozone consumer confidence index rose to -7.1 in May from -8.6 in April.
The UK reported that retail sales rose 1.3 percent in April, bringing its year-on-year growth to 6.9 percent, the highest since May 2004. Sales were boosted by robust food sales during the Easter holiday.
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