The Bank of Japan started a two-day policy meeting Tuesday in which it is likely to retain its current monetary easing policy despite the likelihood of consumer prices falling into negative territory.

Amid moves by major companies to raise wages this spring, the BOJ has maintained its outlook that consumer prices are likely to return to a positive trajectory in the latter half of this fiscal year and reach the central bank's 2 percent inflation target.

The outlook for prices is likely to be one of the main topics at the gathering, with some policy board members signaling a possible delay in the timing of any upward move.

The BOJ hopes to achieve the 2 percent inflation target in fiscal 2015, which started April 1.

In February, Japan's core consumer prices remained flat from a year earlier, excluding the impact of last April's consumption tax hike, on the back of falling oil prices, according to government data.

With the lingering effects of lower crude oil prices, many economists expect prices to fall into negative territory in the next few months, while the BOJ expects prices to start rising again around summer.

Meanwhile, the central bank is expected to retain its current economic assessment that the nation's economy is recovering moderately.