During meetings Oct. 10 and 11, the Bank of Japan Policy Board discussed the validity of introducing inflation targets in an effort to combat deflation, according to minutes released Friday.

Some panel members and a government representative voiced opposition toward the move, the minutes say.

"Some members said it was not appropriate to adopt inflation targeting in the current economic situation, since there was a strong probability that the negative effects on the economy and the financial system, such as damage to the credibility of economic policy and to financial markets, would exceed the positive effects," the minutes state.