Several Bank of Japan (BOJ) board members said the central bank must be vigilant to the risk of inflation accelerating more than expected, minutes of the March policy meeting showed on Monday.
A few of the nine-member board also said they saw some "positive signs" emerging in Japan that suggest the economy was making progress towards achieving the BOJ's 2% target, the minutes of the March 9-10 meeting showed.
"It was important to use a wide range of data and look back on the basic mechanism behind price moves, to deepen our understanding on inflation developments," one member said. While some saw positive signs emerging on the price front, many members said there was "extremely high" uncertainty over Japan's economic outlook that warranted keeping monetary policy ultra-loose, the minutes showed.
Another member said any debate of a policy shift must be made cautiously as a reversal of ultra-loose policy would have wide-ranging effects on the public, the minutes showed.
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