UPDATE 1-BOJ mulled buying more risk assets at Sept meeting-minutes

* BOJ board agreed recovery delayed "considerably" - minutes

* Sept minutes showed BOJ concern over weak price trend

* One member suggested buying more risk assets

* Another member said must mull ways to influence FX

(Adds quotes, details) By Leika Kihara

TOKYO, Oct 11 (Reuters) - Signs of considerable delay in Japan's economic recovery and weakening prices drove Bank of Japan policymakers into expanding monetary stimulus last month with some suggesting buying more risk assets or seeking ways to influence currency moves, minutes of the meeting showed.

Some in the nine-member board worried that yen strengthening and falls in share prices could hurt capital spending and private consumption - which had so far been resilient and offset some of the pain from weakening exports - a sign the central bank may be hardly done acting even after loosening policy in September.

"Members agreed that the economy will resume a moderate recovery at some point, but that the timing might be delayed considerably from the BOJ's forecast made in April," according to the minutes of the September meeting released on Thursday.

The BOJ last month eased policy by boosting its asset-buying programme, under which it targets government bonds, corporate debt and risk assets such as funds investing in shares and property, by 10 trillion yen ($128 billion) to 80 trillion yen.

The decision was made by a unanimous vote with all of the increase set aside for purchases of government bonds and Treasury discount bills. This is now the BOJ's most conventional way of easing policy because buying these assets is safer than targeting risk assets, which could potentially lead to losses and hurt the bank's capital base.

But in a sign that some members wanted bolder steps, one policymaker suggested increasing not just government bond buying but purchases of risk assets, arguing that doing so would help maximize the effect of monetary easing, the minutes showed.

Another member also said the central bank should consider new ways to influence currency moves by heightening inflation expectations in the market.

The remarks suggest that such measures might be considered as options when the BOJ next eases monetary policy.

Having eased in September, the BOJ resisted political pressure for action and kept monetary policy on hold at a rate review last week despite more signs of pain from slowing demand in China and Europe's debt crisis.

The BOJ may ease again, however, at the next policy meeting on Oct. 30, when it is set to cut its long-term economic forecasts and admit that it will take several more years for Japan to achieve the bank's 1 percent inflation target, analysts and sources familiar with its thinking say.

A few board members warned in September that the trend of prices was weakening and if economic growth continuing to stall for the time being, consumer prices might rise at a slower pace than initially expected, the minutes showed.

($1 = 78.3200 Japanese yen)

(Editing by Chris Gallagher and Eric Meijer)


Messaging: leika.kihara.reuters.com@reuters.net))