The Bank of Japan discussed worries raised by some policymakers about a possible upward deviation of prices at its latest monetary policy meeting on Jan. 23 and 24, the central bank said Monday.

One member said that the consumer price index could "deviate upward" toward fiscal 2025 from the central bank's baseline scenario due to further progress in moves to reflect cost increases in sales prices and the yen's depreciation, according to a summary of opinions at the meeting.

Many members supported the idea of raising the bank's policy rate, with one opinion calling for a hike to 0.5%. At the meeting, the BOJ decided to raise its target for the unsecured overnight call rate, a key interbank rate, to around 0.5% from 0.25%.

On the impact of upcoming economic policy measures by U.S. President Donald Trump, a member warned that "if (U.S.) inflation resurges or interest rates rise further, this will push down private consumption ... through a decline in stock prices."

Regarding Japan, one opinion said that wage hikes to be agreed in the 2025 shuntō labor-management negotiations "are likely to be at least at levels comparable to those seen last year."

There was a member who referred to "a growing possibility that underlying CPI (consumer price index) inflation will rise steadily toward achieving the price stability target of 2%."

Meanwhile, one opinion expressed opposition toward rate hikes, saying that maintaining the current monetary policy is appropriate and arguing that it is necessary to confirm with data whether the earning power of small and midsize companies had recovered.