At least 5 of the 9 board members emphasised....>

BOJ: At least 5 of the 9 board members emphasised the need to maintain the

current large-scale monetary easing stance as the bank is far from achieving its

2% inflation target, the summary of opinions expressed at their Dec. meeting

showed. At least two members argued that the BOJ must carefully watch

side-effects of easy policy as the degree of easing will be enhanced through a

decline in real interest rates once inflation rises more steadily. This

indicates the BOJ is unlikely to conduct additional easing unless the economy

faces a huge external shock amid the modest but sustained recovery, reiterating

comments from Kuroda that "reversal rate" talk did not signal a hawkish shift.

- The BOJ may need to consider raising interest rates if growth and inflation

continue picking up, one member was quoted as saying. "When it is expected that

economic activity and prices will continue to improve going forward, the

situation may occur where the BOJ will need to consider whether adjustments in

the level of interest rates will be necessary under the framework of 'QQE

(quantitative and qualitative easing) with yield curve control,' including from

the perspective of strengthening the sustainability of the framework."