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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-percent target, the minutes of the March 9-10 meeting showed.
The board debated how companies were continuing to hike prices to pass on rising raw material costs, and price increases broadening to services, the minutes 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.
