Bank of Japan (BoJ) board members said they will consider raising interest rates if economic growth and inflation meet their projections, according to minutes from the March meeting released Thursday.

One member warned the BoJ must be cautious about the timing of future hikes due to risks tied to US policy changes. Some members noted rising global uncertainty but stressed that it does not always justify hesitation. One said the BoJ may need to act quickly if financial activity overheats. Another member saw no need for major changes to bond tapering in June but said a longer-term review should begin.

The minutes also showed that Japan's central bank could take a more flexible approach, given that the US Federal Reserve (Fed) intends to remain patient.