The Bank of Japan will probably adjust its yield curve control program at its policy meeting this month given that inflation is stronger than expected, according to a former executive director at the bank.

"I expect they will make some kind of adjustment to YCC this month,” former director Hideo Hayakawa said in an interview Thursday. "If they don’t, it doesn’t make sense.”

Hayakawa, who is also a former BOJ chief economist, said that the central bank must raise its inflation outlook for this fiscal year to match reality.