TOKYO (AFX-ASIA) - WestLB economist Andrew Shipley said the Bank of Japan's decision to ease monetary policy seems to be the result of political pressure, adding that the move will have limited real impact. The BoJ said this afternoon that it decided to increase the outstanding balance of current accounts held at the central bank to around 6 trln yen from 5 trln previously. The bank added that it will also increase its outright purchases of long-term government bonds to 600 bln yen per month from 400 bln currently "in order to smoothly provide liquidity under the new guideline". The decision was made by majority vote. The bank said it is encouraged by recent government reform moves, adding: "A series of monetary easing measures, including today's decision, are consistent with providing maximum support for such reform efforts in various areas." "I think the BoJ mainly bowed to political pressure," West LB's Shipley said. "It can also be interpreted as a boost to the government in the reform process but I would not put too much significance on that. Whether or not the government would go further with structural reforms, they would have eased." Shipley said the impact on the economy of such incremental steps will be limited, though the bank has few other options open to it. "We have a disfunctional financial economy and I don't think the banks will increase their lending so it won't change much," he said. "Incremental steps like this are all they can do. They could boost long term JGB purchases and increase their balance sheet but only in the event of a crisis in the banking system," Shipley said. "I don't think they will make any unorthodox move unless there is a big crisis."