The Bank of Japan (BoJ) board member Sayuri Shirai said in a speech on Wednesday that there is no need for further stimulus measures.

"At present, further monetary policy action is unnecessary. A risk of returning to deflation is considered low given that prices of a wide range of consumption items, excluding energy, have been rising," she said.

Shirai forecasted the core inflation in Japan to rise to around 1.7% - 1.8% over the January-June period of 2017.

She pointed out that the low core inflation is temporary.