Bank of Japan board members discussed how to use estimates on the economy's neutral interest rate to determine further hikes in borrowing costs, with one saying the BOJ's policy rate was still far from that level,

The central bank is likely to pause a while before bringing the rate up to 0.75%, the highest rate since 1995.

Further deliberations are expected to be required for the Bank of Japan to explore future interest rate hikes, with its key policy rate having approached the highest level in three decades, threatening flagging consumption.

Bank of Japan board members discussed how the central bank should use estimates on the economy's neutral interest rate in guiding policy, with one saying the BOJ's policy rate was still far from that level,