Tokyo, Nov. 10 (Jiji Press)--Some policymakers at the Bank of Japan called for an early interest rate hike at its latest policy-setting meeting late last month, according to a summary of opinions released by the bank Tuesday.

At the Oct. 29-30 meeting, the BOJ's Policy Board recognized that Japan's underlying inflation, excluding temporary factors, has reached the central bank's target of 2 pct while deciding to keep its policy interest rate unchanged at around 1.25 pct.

With underlying consumer price index inflation having reached the target, it is necessary for the bank to bring the policy rate to the neutral rate level, which neither stimulates nor cool the economy, "at an early stage," a board member said.

Some others also called for an early rate hike, with one of them saying that the BOJ "needs to step up the pace" of bringing the policy interest rate to the neutral level as financial conditions remain accommodative, the summary showed.

"The perspective of anchoring underlying CPI inflation at around 2 pct becomes important," one member said. The member added, "For the time being, the outcome of next year's annual spring labor-management wage negotiations warrants attention," underlining the need to closely monitor wage hike trends at companies in the nation.

Members of the Bank of Japan's Policy Board hold a monetary policy meeting at the central bank's headquarters in Tokyo on Oct. 30. (Pool photo)

[Copyright The Jiji Press, Ltd.]