Some Bank of Japan policymakers maintained a cautious stance on the central bank's prediction that consumer prices are likely to come close to its 2 percent inflation target from the end of fiscal 2014 to fiscal 2015, the minutes of the January policy meeting showed Friday.

As in the outlook released at the October meeting, "A few members held a more cautious view of the outlook for prices compared with forecasts in the baseline scenario, mainly as it seemed highly uncertain whether changes in inflation expectations would lead to a rise in the actual rate of inflation," the minutes of the Jan. 21-22 meeting said.

While many members said the year-on-year price increases were likely to be around 1.25 percent for some time, one member argued the pace of increase "could slow by more than expected" if a reversal in the yen's recent depreciation trend occurs, as the effects of the weakening yen on prices could have become larger.