The Bank of Japan will continue to diversify its goals so it can place less emphasis on achieving its price target, according to a former BOJ executive director.

"It’s become crystal clear that reaching the goal won’t by itself get the economy in its most desirable state,” Hideo Hayakawa, the former executive, said in an interview. "The target has become just one of a number of things the bank should be aiming for.”

The central bank's foray into supporting climate mitigation measures by companies is one example of the BOJ looking to fulfill new objectives while it struggles to generate price growth, Hayakawa said.