TOKYO (Reuters – Japan’s central banks said Wednesday they must remain vigilant to the danger of inflation exceedingly high. On Wednesday, a member from a government panel indicated that rising prices might force the bank into reconsidering its ultra-loose monetary policy.

Takeshi Niinami is the head of Suntory Holdings’ beverage group. According to minutes from a Council on Economic and Fiscal Policy meeting published on Wednesday, Takeshi Niinami said that currency and global trends may affect Japan’s price movements.

Niinami, who was quoted at Friday’s meeting as saying, “If so there is a possibility Japan might need to consider an exit from quantitative ease and zero interest rates downthe road.”

Bank of Japan (BOJ), while revising its inflation forecasts Tuesday, said it is not in any hurry to end its ultra-loose policies. It argued that cost-push and inflation cannot be sustained without steady wage rises.

The central bank released a Wednesday report that stated that while rising raw materials costs have been passed through to food products, “there’s also the possibility that these )… price increases could be passed onto the consumer price index, (CPI), more than anticipated.”

This set of comments highlights the increased attention Japan’s rising inflation attracts from policymakers and business executives. Japan has been long unable to control its deflation.

Although consumer inflation remains below 1%, analysts believe that rising commodity prices and an increase in import prices due to a weakening yen will push inflation up to 2%.

According to Wednesday’s minutes, Niinami warned that rising borrowing costs could impact small and medium-sized firms with excessive debt and negatively affect government debt management plans.

He is just one of many private-sector representatives on the policy panel. It also includes BOJ governors, cabinet ministers, and BOJ governors.