TOKYO (Reuters) – Some Bank of Japan policymakers warned that global uncertainties and last year’s sales tax hike may have hurt capital spending and inflation expectations, minutes of the central bank’s December rate review showed on Friday.

FILE PHOTO: A security guard walks past the front of the Bank of Japan headquarters in Tokyo, Japan January 23, 2019. REUTERS/Issei Kato/File Photo

One member said the BOJ might need to ramp up stimulus depending on how much damage the tax hike inflicts on private consumption, the minutes showed.

Such calls for more stimulus are unlikely to materialize any time soon, as the minutes showed others in the board fretting over the rising cost of prolonged easing such as the strain ultra-low interest rates is imposing on commercial

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