"Many members said that the recent rise in the prices of primary commodities was not only due to increased demand brought about by growth in emerging economies, but also to various other factors such as supply constraints, heightened geopolitical risks, accommodative financial conditions, and a 'flight to simplicity'," according to the minutes.

Some members suggested that the Bank of Japan should pay attention to inflation expectations and price setting by some companies. Core CPI is expected to continue to trend higher and should be watched carefully.

Members also agreed that risks to economic growth both at home and abroad needed to be monitored as well.

"Although overseas economies taken as a whole continued to expand, downside risks remained elevated as the disruptions in global financial markets had continued and growth in the U.S. economy had been sluggish," read the text.

On monetary policy, members also agreed that low interest rates could cause swings within the Japanese economy.

By Erik Kevin Franco, This email address is being protected from spam bots, you need Javascript enabled to view it , edited by Cristina Markham, This email address is being protected from spam bots, you need Javascript enabled to view it

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