Bank of Japan policy-makers, at the central bank's January 23-24 meeting, considered that the nation's economy offered "appropriate" opportunities for reviewing additional interest rate hikes, central bank minutes released on Tuesday reveal.

At the January session, central bankers lifted the Bank of Japan key policy rate to 0.50% from 0.25%, the highest level in 17 years, in response to higher-than-target inflation rates in the nation.

The Bank of Japan has a 2% annual target on the nation's consumer price index core (CPI-core), that strips out fresh food bills, but Japan's rate of inflation in January logged at 3% by that measure.

Despite domestic inflation modestly above target, at the most-recent Bank of Japan policy-meeting, conducted March 18-19, the central bankers held firm, declining to boost rates again, citing "risks' to Japan's economic outlook including international trade issues.

"Concerning risks to the outlook, there remain high uncertainties surrounding Japan's economic activity and prices, including the evolving situation regarding trade...and developments in overseas economic activity and prices," advised the Bank of Japan.

The Bank of Japan in March meeting did affirm its outlooks for Japan's economy, that the nation's real gross domestic product (GDP) would grow by 1.1% in fiscal 2025 started on April 1, and that the nation's CPI-core would rise by 2.4%.

At the earlier January meeting, Bank of Japan central bankers had pondered perhaps a set of modest rates hikes.

According to the January bank minutes, "with the price stability target of 2%, the Bank of Japan would conduct monetary policy as appropriate, in response to developments in economic activity and prices as well as financial conditions."

However, by the Bank of Japan meeting in March, the uncertain trade policies of the Trump Administration had blunted central banker sentiments for a second-straight rate hike, and they held rates firm.