Bank of Japan board members saw improvements in exports, consumer spending and capital expenditure but warned that it may take time for inflation expectations to pick up, a summary of opinions from their Jan. 30-31 meeting showed on Wednesday.
"Since the second half of 2016, Japan's economic recovery has strengthened," one of the nine board members was quoted as saying.
"Positive synergy effects are being produced by improvement in overseas economies, economic stimulus measures by the government, and enhanced monetary easing."
At the policy meeting, the BOJ kept policy on hold, raised its growth projections, but warned that its 2 percent inflation target remained elusive.
(Reporting by Stanley White; Editing by Chang-Ran Kim)