The Bank of Japan's monetary policy board members on Friday acknowledged the presence of "greater volatility" within the nation's financial markets.

They also instructed BOJ staff to study measures to increase monetary liquidity by the next monetary policy meeting on Feb. 9.

While board members decided against further lowering the BOJ's target of an 0.25 percent unsecured overnight call rate, they hinted that they will seek alternative means to further its ultraeasy monetary policy.

Following the meeting, BOJ Gov. Masaru Hayami issued a statement that cited "recent developments in overseas economies a well as markets" and the approaching end of the fiscal year as reasons for "greater volatility" in the market.

The statement says that the BOJ will seek "possible room for further improvements" in liquidity to "ensure the smooth functioning and stability of the financial market."

A BOJ executive officer said that the instructions were not related to an ongoing push by members of the ruling coalition to boost the sagging stock market.

One of the ideas floated included asking the BOJ to consider further relaxing monetary policy.

"We are announcing this because we judged that it was better to let the market know that we are taking into consideration signs of instabilities in the market," the officer said on condition that his name be withheld.

He refused, however, to elaborate on what board members meant by the phrase "greater volatility" or on specific measures discussed. A summary of the meeting will be published Monday.