Bank of Japan Deputy Governor Toshiro Muto said Wednesday it is appropriate for the central bank to maintain its ultra-easy monetary policy for now. "Companies are increasing spending but at a moderate pace, and growth in private consumption remains gradual," Muto said before the House of Representatives financial and monetary committee meeting. "There is a growing chance for the nation's core consumer price index to post positive growth at the end of this fiscal year or the beginning of next fiscal year" in April 2006, Muto said. "But the core CPI growth, while approaching zero, hasn't turned positive yet," he added. "Under these circumstances, it's appropriate to continue the quantitative easing policy" to maintain price stability and achieve sustainable economic growth, he said. As expected, BOJ policy board members on Wednesday voted seven to two to hold monetary policy steady on the view that Japan's economy hasn't yet escaped deflation. After a two-day policy board meeting, the BOJ left its target range for liquidity, which it measures through commercial banks' account balances at the central bank, at Y30 trillion to Y35 trillion.