'Consumer inflation will pick up from next month onward on higher food and energy prices,' said Taro Saito, executive research fellow at NLI Research Institute
Any such change won't lead to an immediate policy tightening and would mark only a subtle shift in the nine-member board, which has consistently voted to keep policy ultra-loose
Suzuki said the recent rise in prices was driven mostly by higher global fuel costs, rather than any increase in import prices from a weak yen
The BOJ said last week it would buy an unlimited amount of 10-year government bonds at 0.25% to prevent rising global yields from pushing up domestic borrowing costs too much
Speculation the BOJ could change the target of its yield-curve-control to the five-year note from the 10-year has also pushed the five-year JGB yield to a six-year high and above zero
The BOJ has been under fire from some lawmakers for the rising cost and diminishing return of its prolonged ultra-easy policy
Japan's core consumer prices rose 0.5% in December from a year earlier, increasing for a second month in a row at the fastest pace in nearly two years
Japan's benchmark 10-year bond yields fell on Wednesday, after the Bank of Japan kept its interest rate targets unchanged
But with inflation set to remain below its 2% target in the coming years, the BOJ stressed its resolve to maintain its ultra-loose monetary policy
The yen edged higher ahead of the outcome of a central bank policy meeting, while the dollar seemingly ignored US Treasury yields
Japanese manufacturers turned less positive about their business conditions in January, a survey showed
The survey, which was conducted between Nov. 5 and Dec. 1, also showed more households expect prices to rise five years from now compared with the previous survey in September.
In a widely expected move, the BOJ on Friday maintained its short-term rate target at -0.1% and that for 10-year bond yields around 0%.
"It's true there's a chance consumer inflation will approach 2% through various channels," Bank of Japan Governor Haruhiko Kuroda told parliament
The central bank on Tuesday made two offers, including one to buy bonds worth 2 trillion yen ($17.6 billion) for immediate fund provision
The Bank of Japan may end its pandemic-relief funding programmes in March as corporate funding conditions have improved significantly from the cash crunch last year caused by the COVID-19 crisis
The Japanese central bank also slashed this year's economic growth forecast on sluggish consumption and the hit to factory output from supply disruptions caused by the COVID-19 pandemic
The corporate goods price index, which measures the price companies charge each other for their goods and services, rose 5.5% in August from a year earlier
Bank of Japan board members voiced hope in April that the massive stimulus deployed by nations will quicken Japan's economic recovery, with domestic consumption potentially providing a tailwind
The Bank of Japan said on Friday it will launch a new scheme to encourage financial institutions to boost lending and investment for fighting climate change