Former Bank of Japan Policy Board member Seiji Adachi indicated that the central bank may use the opportunity of a series of new data releases in April to raise the benchmark interest rate, disregarding market speculation about action in March.

"There is a risk in hiking rates in March because the decision would be based on expectations rather than facts," Adachi stated in an interview on Monday. "By waiting until April, they will have ample data to confirm whether core inflation is indeed rising."

Meanwhile, market expectations for a potential rate hike by the Bank of Japan in the spring are also growing, which is earlier than most economists had predicted for the next policy move following the rate increase in December.

Although many believe that Prime Minister Sanae Takaichi, after securing an election victory, might hinder the normalization of the BOJ's monetary policy, Adachi views it as unlikely that Takaichi would prevent a rate hike, as doing so could be counterproductive.

"Sanae Takaichi appears to be highly sensitive to market dynamics," Adachi said. "If she pressures the central bank not to raise rates, the market reaction would likely be a depreciation of the yen."

Bank of Japan Governor Kazuo Ueda noted that during a meeting on Monday to discuss economic issues and exchange views with the Prime Minister, Takaichi did not make any specific requests.