Several members flagged rising wages, prices at March meeting
One member said Japan could see inflation spiral higher
Some warned of risks to fragile recovery from Ukraine minutes
BOJ keeps ultralow rates at March meeting

TOKYO, May 9 Reuters Bank of Japan BOJ policymakers remained unwavering in their resolve to keep massive monetary stimulus, even as some saw signs of change in the country39;s lowinflation environment, minutes of their March policy meeting showed on Monday.

Several in the ninemember board said some big firms were raising wages and companies were more eagerly passing on rising raw material costs to households, which could put upward pressure on consumer inflation, the minutes showed.

Japan39;s consumer prices rose the fastest among major advanced economies during the global inflationary cycle in the 1970s, which meant there was always a chance inflation could spiral higher once price hikes broaden, one member noted.

But most others in the board warned of heightening risks to Japan39;s economy from the Ukraine crisis that would keep inflationary pressure subdued, the minutes showed.

Unlike the United States and the United Kingdom, Japan was not in a situation where the inflation rate would likely exceed the BOJ39;s 2 price target in a sustained manner, some members were quoted as saying in the minutes.

It was therefore important for the BOJ to continue with monetary easing to support the economy39;s recovery from the pandemic, they said.

One…