The Bank of Japan (BoJ) released its October 30 monetary policy meeting minutes on late Wednesday evening. According to minutes, a few board members noted that a slow improvement in the output gap is one of reasons why the central bank will miss its inflation target.

"A few members added that the projected delay in the timing of reaching 2 percent had also been partly attributable to a somewhat slow improvement in the output gap," the minutes said.

Many board members said that the delay of reaching 2% inflation targets was driven by low oil prices.

The BoJ decided to keep unchanged its monetary policy at its October meeting.