The Bank of Japan's newest board member Yukitoshi Funo said the central bank must achieve its price target, indicating his support for Gov. Haruhiko Kuroda.

"The 2 percent inflation target must be met" Funo, a former executive of Toyota Motor Corp., said in his inaugural news conference Wednesday in Tokyo. "Price stability and higher productivity is needed for Japan's sustainable growth."

Funo succeeded a Policy Board member who opposed Kuroda's decision to increase unprecedented monetary easing in October in a split 5-4 vote, the BOJ's closest since 2008.