Bank of Japan Policy Board members said in their Jan. 21-22 meeting that they shouldn't be influenced too much by the risk of slower economic growth and faster inflation in the short term, signaling their goal of gradual interest-rate increases remains intact.

Some Policy Board members said it was important not to be swayed too much by short-term developments but to make forward-looking projections of economic and price trends, according to the meeting minutes released Wednesday.

Investors have scaled back expectations that the central bank may cut the key rate from 0.5 percent since a report last week showed economic growth accelerated in the fourth quarter. The economy is likely to continue expanding moderately under stable prices, board members said in the minutes.