The opinions from the October meeting of Bank of Japan showed on Monday that inflation is rising only modestly and wage growth remains feeble.
The nine- member board was saying that it reflected different differences in inflation and monetary policy stances between Japan and other countries.
Supply constraints and the rising global commodity costs pushed up inflation in the globe, which made it difficult for central banks to raise interest rates or ponder withdrawing stimulus.
While rising energy and food costs pushing up prices in Japan, inflation remains well below the BoJ's 2% target as weak consumption discourages firms from passing on higher costs to households.
In a summary, one member was quoted as saying in the summary that monetary policy will be normalised in Japan if the price target is achieved in a stable manner. There is no reason to adjust monetary easing given the target that has not been achieved. The summary shows that some BOJ members stated that inflationary pressures are building up in Japan as the economy benefits from the lifting of state of emergency curbs on Sept. 30, as a result of the easing of state of emergency curbs.
The impact of the recent decline of the new yen could vary depending on the company size and sector, according to a summary showed by the BOJ board.
The BoJ kept policy steady and kept its view that the economy was headed for a moderate recovery as the impact of the COVID-19 epidemic begins to subside.
The central bank is scheduled to extend the March 2022 deadline for its pandemic relief funding programmes as early as December.
The impact of COVID - 19 on corporate financial positions is becoming limited to those in industries facing subdued sales as well as small and medium-sized firms, one member said.
The tankan survey for December will be released by the BOJ to see if improvement in corporate financing will be widely observed.