Bank of Japan board member Yukitoshi Funo warned against intensifying economic pressure from slowing global growth, and reiterated the central bank's readiness to respond to the broadening hazards.

Funo repeated the BOJ's view in July that it would act "without hesitation" if risks to achieving its 2% inflation target grew. Market expectations of imminent easing grew after the BOJ pledged in July to act preemptively.

"For additional easing measures, various possibilities exist such as cutting short-term and long-term interest rates, boosting asset purchases and accelerating base money expansion," Funo said.

"We are facing a situation where we need to pay more attention than before to the risk that the momentum towards the price stability target will be undermined," Funo said.

"With that situation in mind, we will reexamine economic and price trends at the next policy setting meeting," he added.

Funo flagged rising risks from overseas, such as U.S. economic policy and its impact on global markets, the Sino-U.S. trade war, Brexit, and geopolitical risks. "In particular, protectionist moves are fuelling uncertainty. As the global economy remains unstable, attention must be paid to these risks and their effects on Japanese business and households' sentiment," Funo said.