Bank of Japan's board members emphasized a cautious approach to rate hikes, meeting minutes from the central bank's October policy meeting showed.
The members stressed that future increases depend on inflation and economic trends meeting expectations. One member noted difficulties in predicting the rate path due to uncertainty over Japan's neutral rate and the impact of monetary policy adjustments.
The board also suggested gradual rate hikes might bring the rate to 1.0% by the bank's fiscal 2025.