Many members said it was appropriate to sustain monetary easing to support changes seen in corporate wage, price-setting behaviour.

One member said it was premature to shift policy at a time companies becoming more keen to boost wages and investment.

A few members said that a premature policy shift could mean that the BoJ will lose opportunity to achieve the price target.

One member said that the chance the BoJ is under-estimating sustainability of price rises cannot be ruled out.

One member said the BoJ must sustain monetary easing with an eye on side-effects of policy.

Members shared the view that there was no need to make operational tweaks to YCC at this point.

One member said the BoJ must avoid as much as possible a spike in interest rates caused from prospects of exit from easy policy.

One member said the BoJ must consider reviewing YCC at an early stage to avoid big rate volatility upon future exit from easy policy.

A few members said when the BoJ were to review YCC, it must be mindful of risk that doing so could be seen by markets as move toward monetary tightening.

Several members said companies continue to pass on higher import costs, raising prices for a longer period than expected.

Several members said domestic factors appear to be playing an increasing role in pushing up consumer inflation.

One member said we must look at medium-, long-term inflation expectations closely as their moves will be key to operating YCC.

One member said there are various indicators gauging trend inflation exceeding 2%, so there is chance inflation may not fall back below 2%.

Several members said we must be mindful of risks to Japan's economy, inflation may come under pressure from the US, China and overseas economic slowdown.