The Bank of Japan Policy Board discussed the theory of inflation-targeting at its meeting Dec. 16-17, with several members agreeing it would be an inappropriate policy lever to pull in an attempt to overcome deflation, according to minutes of the meeting released Monday.

"One member expressed the view that adopting inflation-targeting would be reckless and inappropriate," the minutes state.

Several panel members said it would be difficult to boost expectations of inflation merely by announcing an inflation target without sufficient and credible policy tools, according to the minutes.