In a move that may symbolize the central bank's new transparency, newly appointed members of the Bank of Japan Policy Board on Wednesday clearly expressed their opinions about interest rates and the economy.

"If the economy worsens or the financial system becomes unstable, of course, a further easing of the monetary policy should be considered," said Nobuyuki Nakahara, former honorary chairman of a major oil refiner. "We would have to do it if it is judged to be effective." But, he said, it will be difficult to raise the 0.5 percent official discount rate "in the foreseeable future," considering the sluggish demand -- a view also expressed by Gov. Masaru Hayami.

Traditionally, Policy Board members other than the governor rarely give their opinions in public. The news conference was the first for board members since the new BOJ Law took effect Wednesday. Transparency of monetary policymaking and independence from the government are two pillars of the new law.

Three new members appointed by the Cabinet from the private sector, including Nakahara, faced reporters, along with Gov. Hayami and new Senior Deputy Gov. Yutaka Yamaguchi. Eiko Shinotsuka, a former professor of labor economics at Tokyo's Ochanomizu University, said the official discount rate has been kept low too long, adding, "It is the board's task to catch the timing to raise the rate."

The BOJ has control over the official discount rate, which affects various interest rates such as those on bank deposits. The nine-member Policy Board is the central bank's highest decision-making body.

Not all board members, however, specialize in monetary issues. Shinotsuka described herself as a "real layman" in financial affairs, echoing Senior Deputy Gov. Sakuya Fujiwara, a journalist who assumed the post late last month. Toshio Miki, former chairman of a major trading house, said he will try to use his experience in the real economy -- markets for goods and services -- in monetary policymaking. Miki worked for Nippon Steel Corp. for more than 30 years.