Japan's central bankers said at a meeting last month that signs of a so-called "virtuous cycle" of wages and prices has started to emerge in Japan. They also said the economy appears moving toward the 2-percent inflation target.
The disclosures are in a summary of the first Bank of Japan gathering under its new governor, Ueda Kazuo. It took place on April 27 and 28.
As for the "virtuous cycle," the officials pointed to pay hikes offered mainly by major firms in this year's spring labor-management negotiations.
They added that achievement of the BOJ's 2-percent price stability target is coming into sight.
Several of the policy-board members said the issue now is whether the favorable developments will take hold from next year. They said close monitoring will be required to see whether workers' wages will keep up with inflation.
On the other hand, all agreed that the BOJ should stick with its monetary-easing policy. The officials cited a high level of uncertainty in overseas economies and financial markets.
The policymakers also announced that they will launch "a broad-perspective review" of their monetary measures.