Some Bank of Japan policymakers pointed to weakening in the economies of China and emerging countries as a reason why overseas demand was likely to fall short of projections, the minutes of their meeting last month showed Tuesday.

During the July 10-11 Policy Board meeting, some members also called on the government to steadily promote measures toward fiscal consolidation, saying that maintaining credible fiscal management is crucial to ensure the stability of interest rates, according to the minutes.

On the economy, most members said it was starting to recover moderately, but one noted "some more time should be taken to determine whether the word 'recovery' was appropriate in describing the current economic situation," citing such factors as uncertainty in key overseas markets.