According to the Securities Times app, the minutes of the September meeting published by the Bank of Japan on Wednesday show that policymakers unanimously believe that if their economic and price forecasts meet expectations, the central bank will continue to raise interest rates.

The minutes show that the board of directors, composed of nine members, also unanimously believe that the recent focus of the Bank of Japan should be to carefully study the impact of overseas uncertainties and financial market instability on the economy.

The minutes show that "some members stated that the Bank of Japan has time to carefully study the impact of overseas and market developments," as the recent rebound of the yen will alleviate the inflationary pressure caused by rising import costs.

At the September meeting, the Bank of Japan kept interest rates unchanged at 0.25%, with the bank's governor hinting at no rush to further increase borrowing costs as concerns about a US economic downturn have left the market nervous, casting a shadow over the global economic outlook.

The minutes show that one member suggested that the Bank of Japan should postpone interest rate hikes until uncertainties in overseas and market conditions subside.

Another member also called for attention to downside risks to the economy when formulating monetary policy.

However, the minutes show that one member stated that even with market instability, the Bank of Japan "may also consider rate hikes appropriate, depending on economic and price prospects".

Editor/ping