A summary of opinions from the Bank of Japan's December meeting revealed a division among policymakers, with some advocating for further data analysis, while others believed the conditions were ripe for an interest rate hike.

One member noted that despite ongoing uncertainties surrounding overseas economies, Japan's economic conditions were at a point where monetary accommodation could be adjusted. "Japan's economy is in a state where the degree of monetary accommodation can be adjusted," the member was quoted as saying in the released summary.

However, another member expressed caution, suggesting that although a rate increase might be imminent, the Bank should exercise patience and closely monitor the ongoing uncertainties related to the US economy. "The Bank will likely decide to raise the policy interest rate in the near future. But at this point it is necessary to be patient and monitor the uncertainties over the U.S. economy until those uncertainties subside," the opinion read.

The summary was made public on Friday.

Reuters