Bank of Japan policy makers have identified wage increases and unintended consequences of the bank's easy monetary policy as potential concerns for the future.

The BOJ released its "Summary of Opinions" from discussions at a two-day policy meeting earlier this month. At the meeting, policy makers raised Japan's inflation outlook for the fiscal year to 2.3 percent. That's above the bank's long-held target of 2 percent.

But the BOJ still decided to maintain its massive easing policy, citing the need to encourage wage hikes.

The meeting records show that some members suggested the bank should monitor the trend of wage increases.

Others underscored the need to watch the impact of the BOJ's buying program on the bond market. One official warned that side effects could emerge and affect the financial system.

The BOJ purchased government bonds worth a record 16 trillion yen in June in a bid to curb rises in long-term interest rates.