Central Banks

Some BOJ members called for focus on downside risks

Shibuya district, Tokyo
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Some Bank of Japan board members said they saw risks to the country's economy and prices as tilted to the downside, minutes of the central bank's Oct. 31 meeting showed on Tuesday, underscoring lingering pessimism within the board on the outlook for meeting the BOJ's price target.

"One member said it could not yet be judged that Japan's economy was on track to achieve the BOJ's price target of 2 percent as expected," the minutes showed.

(Read more: Bank of Japan keeps hefty stimulus in place)

At the Oct. 31 meeting, Governor Haruhiko Kuroda faced the biggest rift since adopting an aggressive monetary stimulus in April, with three of the nine board members dissenting against the bank's rosy economic and price forecasts.

The BOJ issues long-term economic and price forecasts in a twice-yearly outlook report in April and October of each year, and conducts a quarterly review of them in January and July.