Bank of Japan board member Makoto Sakurai said the central bank would consider steps to mitigate the demerits of its ultra-easy policy if doing so became necessary in future.

For now, the central bank does not need to take such steps or ramp up stimulus, Sakurai told a news conference.

"We don't need to take additional easing steps now. We can watch developments for the time being. If economic developments take a turn for the worse, we may consider taking action," he said.