Some Bank of Japan policymakers continued to hold a cautious view over the timing of achieving the central bank's 2 percent inflation target, minutes of the July policy meeting showed Wednesday.
One member of the policy board pointed out that the effects of upward pressure on prices from the yen's depreciation were "diminishing," as rises in food prices were offset by slower increases in public utility charges, the minutes said.
In the July 14-15 meeting, the BOJ slightly lowered its outlooks for Japan's economic growth and inflation, reflecting slowing exports and industrial output amid a tepid overseas economic recovery.