TOKYO Nov 6 Several members of the Bank of
Japan's policy board said firm external demand and strong
manufacturing are necessary for a sustained recovery but warned
that these two areas were so far somewhat lacking in strength,
minutes of the central bank's Oct. 3-4 policy meeting showed on
One member also said a slow recovery in exports was a sign
of declining competitiveness and this could hamper Japan's
At the meeting, the BOJ upgraded its assessment of capital
expenditure and left its monetary stimulus unchanged.
At a subsequent meeting on Oct. 31, three members of the
board dissented against the bank's rosy outlook for achieving
its 2 percent inflation target, marking the biggest rift since
BOJ Governor Haruhiko Kuroda's tenure began in April.