This photo shows the Bank of Japan headquarters building in Tokyo. (Mainichi)

       TOKYO (Kyodo) -- Bank of Japan policymakers acknowledged that inflationary pressure was rising due to higher energy prices but believed it was moderate and monetary easing should be maintained, a summary of opinions at its October policy meeting showed Monday.

       One board member warned of the negative impact of higher utility bills and food prices on consumers, as economic activity gathers momentum following the lifting of a COVID-19 state of emergency.

       At the Oct. 27-28 meeting, the BOJ made no change to its ultraloose monetary policy. It decided to leave short-term interest rates at minus 0.1 percent while guiding 10-year Japanese government bond yields to around zero percent.

       After the yen's rapid slide against the U.S. dollar raised concern about its negative impact on the economy, BOJ Governor Haruhiko Kuroda told a post-meeting press conference that the recent weakening of the Japanese currency should be positive as it would boost Japanese firms' overseas profits when repatriated.

       A weak yen also inflates import prices, a concern for resource-poor Japan.

       "The CPI (consumer price index) has been pushed up by the pass-through of price rises in imported raw materials, but inflationary pressure stemming from wage increases and supply-side constraints has been weak," one opinion said.

       Another noted that utility and food prices are rising, saying, "It is necessary to pay attention to the impact these price rises may have on pent-up demand in terms of the timing of its materialization and the strength."

       The average retail gasoline price in Japan has risen to a seven-year high and kerosene prices have also been on an uptrend, reflecting higher crude oil prices.

       Japan's core CPI rose 0.1 percent in September, turning positive for the first time in 18 months, as higher commodity prices offset a sharp fall in mobile data charges. It is still far from the BOJ's 2 percent inflation target, in sharp contrast with the United States and some European nations where accelerating inflation has become a concern following economic reopening.

       "Monetary policy will be normalized in Japan when the price stability target is achieved in a stable manner irrespective of policy developments in other economies," one member said. "Given that the target has not been achieved, there is absolutely no reason to adjust monetary easing. The Bank should clearly explain this point to the public."

       The U.S. Federal Reserve decided last week to scale back its bond-buying program in a shift toward policy normalization.

       The summary of opinions was compiled by Kuroda and does not attribute comments to individual members.

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