The Bank of Japan has released a summary of its most recent policy meeting that shows board members choosing to stick with monetary easing, arguing that wage increases will be essential for stable inflation.

The "Summary of Opinions" covers discussions at a two-day meeting late last month.

One board member was quoted as warning that a premature change of policy could hurt the chance of forming a virtuous cycle between prices and wages.

Another thought there is no need to end the policy any time soon, but said the bank should consider how high prices are hurting the average household.

And one policymaker said the bank should study how the markets will react to a change of direction down the line.

The document quotes one member as saying inflation is likely to remain relatively elevated. Another said some companies may have already adjusted to passing on extra costs to consumers.