BoJ Minutes from the April Meeting states many members said need more time to confirm the impact of Middle East developments on Japan's economy and prices

Says:

• Many members said the likelihood of the BoJ's baseline forecast materialising was not that high, and it's hard to assess the balance of downside risk to growth versus upside risk to inflation.
• One member said situation is not that imminent to warrant rushing in raising rates.
• Members shared the view that it is appropriate to continue raising rates in response to economic price and financial developments.
• A few members said BoJ could debate pros and cons of a rate hike if inflation risks far exceed downside risk to growth.