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"The BOJ is trying to get markets prepared for a future policy shift," said Takumi Tsunoda, senior economist at Shinkin Central Bank Research Institute.

Takumi Tsunoda, senior economist at Shinkin Central Bank Research Institute, said the BOJ may keep the status quo until next summer because the outlook for Japan's wage trends in fiscal year 2024 will only come to light after spring.

"From daily disposable goods to household appliances, the wave of price hikes is spreading to non-food items as well," Shinkin Central Bank economists wrote in a note.

More than 70% of small firms have no plan to raise wages, according to a January poll by the Jonan Shinkin Bank and the Tokyo Shimbun newspaper.

However, small firms, which employ seven of every 10 workers, face a severe situation, and more than 70% of them have no plan to raise wages, a separate poll by the Jonan Shinkin Bank and the Tokyo Shimbun newspaper showed.