Bank of Japan policymakers debated the feasibility of making further tweaks to its bond yield control in January, with one member saying it must keep "various options in mind" on the future policy path, minutes of its meeting showed on Wednesday.
The nine-member board also agreed inflation and wages could overshoot expectations, suggesting a phase-out of its massive stimulus remained on the cards when Kazuo Ueda succeeds dovish Gov. Haruhiko Kuroda next month.
But the board also saw the risk of companies failing to deliver big enough wage hikes to eradicate the public's deeply entrenched deflationary mindset, the minutes showed.