Proponent of more hikes said tightening can wait
Now is time to monitor overseas, market moves, one member said
Yen39;s rebound, stock fall could hurt profits, sentiment
Dovish debate reduces chance of Oct rate hike

TOKYO, Oct 1 Reuters Bank of Japan policymakers discussed the need for caution over nearterm interest rate hikes with some voicing concern over unstable financial markets and the U.S. economic outlook, a summary of their September meeting showed on Tuesday.

Even a proponent of future rate increases called for patience in pulling the trigger, the summary showed, highlighting a dovish shift in the ninemember board that diminishes the chance of a hike in October.

I remain convinced that if it39;s confirmed that there will be no major downward revision to our outlook, it39;s desirable to raise rates without taking too much time, one member was quoted as saying at the September meeting.

But rate hikes should not be an end in itself, the member said, calling for the need to wait for the appropriate timing in pushing up borrowing costs.

Given economic and market uncertainties, it was undesirable for the BOJ to raise rates further at this point as doing so might suggest the central bank was shifting to a fullfledged monetary tightening cycle, another opinion showed.

Overseas economic uncertainties have heightened. We should scrutinise overseas and market developments closely for the time being, a third opinion showed, adding that rate hikes can wait until…