One board member said that sharp yen falls could hurt the economy by making it difficult for companies to set business plans, highlighting policymakers' concern over the currency's plunge to 24 year lows as a result of the Jun 16 -- 17 rate-setting meeting.
At the meeting, the BOJ stuck to its ultra-low interest rate policy and vowed to defend its bond yield with unlimited buying, bucking a wave of monetary tightening in a show of resolve to support a tepid economic recovery.
There was no trace in the summary in which commenters are not identified by name of any discussion by the BOJ board of raising interest rates to slow the pace of yen declines, with many stressing the importance of keeping monetary policy ultra-loose.
A growing number of goods are seeing prices go up due to higher commodity costs and currency volatility. One member said that it is appropriate to maintain current monetary policy because the price gains aren't driven by strong demand.
According to another opinion, the BOJ must sustain its current monetary policy and underpin the economy in order to achieve sustained wage hikes that can drive up demand. The summary showed that there was a need to stimulate the economy long enough to boost wage growth, which in Japan remains less subdued than in other countries.
The rising interest rates between Japan and the rest of the world - where rate hike cycles are well under way - has pushed the yen to 24 year lows against the US dollar, threatening to cool consumption by boosting already rising import costs.
Some market players had speculated that the BOJ could give market forces and tweak its yield cap policy in June to allow Japan's long-term interest rates to rise more.