The Bank of Japan will proceed cautiously with inflation-targeting frameworks, Gov. Kazuo Ueda said on Monday, noting that some challenges are "uniquely difficult" for Japan after years of ultraeasy monetary policy.

In an opening speech to a BOJ-hosted seminar in Tokyo on central banking, Ueda said Japan has "made progress in moving away from zero and lifting inflation expectations."

To achieve 2% inflation in a sustainable and stable manner, the BOJ "will proceed cautiously, as do other central banks with inflation-targeting frameworks," he said.