TOKYO--The policy board of the Bank of Japan is growing increasingly concerned about the possibility of inflation overshooting its target, with some members calling for faster interest-rate hikes if necessary, according to the central bank's latest summary of opinions.

"If signs of an upward deviation in prices are observed, the bank will need to accelerate the pace of rate hikes," one board member was quoted as saying at the Sept. 17-18 meeting where the central bank raised its policy rate to 1.25%.

The member said that if prices are consistent with the bank's 2% target and financial conditions remain accommodative, the BOJ should continue raising interest rates.

After lifting the policy rate to the highest level since 1995, Gov. Kazuo Ueda pointed to a shift in the central bank's policy landscape as underlying inflation approaches 2%, which requires more attention on upside risks.

Underlying inflation "does not seem to be accelerating at a speed that could lead the bank to fall behind the curve, so there is no need to take hasty action," a BOJ policymaker said, according to the summary released Thursday. "However, the bank should conduct monetary policy as appropriate to prevent excessive and persistent price increases."

Attendees from the Ministry of Finance and Cabinet Office asked the central bank for careful monitoring of the impact of its monetary tightening and thorough explanation of its move to financial markets, the summary showed.

"Looking ahead, it may be necessary for the bank to take into consideration its estimates of the neutral interest rate," a Cabinet Office representative said at the September meeting. "It is important for the bank to take proactive and appropriate action in the event of excessive fluctuations in economic activity and in the market."

According to BOJ watchers, the stance of Prime Minister Sanae Takaichi will be key to projecting the timing and pace of the BOJ's further action, as she is considered to be in favor of loose monetary policy. At the BOJ's September meeting, two board members appointed by Takaichi voted against the hike.

Takaichi's dovish tilt has partially driven the weakening of the yen, which boosts imported inflation. Finance Minister Satsuki Katayama recently said Takaichi isn't a reflationist, in an apparent attempt to downplay such a view.