TOKYO (Kyodo) -- A Bank of Japan board member, who is seen as a monetary policy dove, said Thursday that he is "not against rate hikes" and will monitor various data to see if the bank needs to raise rates at its policy meeting later this month.

The BOJ's monetary policy "should be adjusted according to how economic recovery proceeds," Toyoaki Nakamura said at a press conference. The BOJ official voted against ending negative rates in March and a rate hike to around 0.25 percent from the range of zero to 0.1 percent in July.

"There will be various data released" before the bank's two-day policy meeting starting from Dec. 18, such as the Tankan business sentiment survey and wage data, he said after meeting with local business leaders in Hiroshima.

"We will make decisions based on data," he said.

The remarks come amid growing speculation that the BOJ may raise its current 0.25 percent rate, potentially at this month's policy meeting or in January.

BOJ Governor Kazuo Ueda said in a media interview published last week that the time for another rate hike is "nearing" given that economic data has been moving in line with the central bank's expectations.

Nakamura said there are concerns, pointing out that small and medium-sized enterprises are struggling to raise wages, unlike large firms.

"I am not sure yet if wages will continue to grow," given sluggish demand on the back of a declining population and the slow recovery of capital expenditure by smaller companies, he said at the meeting with local business leaders.

Nakamura said structural reforms are needed for the economy to move toward the BOJ's goal of durable 2 percent price growth, adding that "it will take some time" for such a change to materialize.

The Policy Board member said he personally believes that price growth, currently above the BOJ's 2 percent target, may not remain above the threshold from fiscal 2025 onward. Despite the central bank's projection of around 2 percent growth in fiscal 2025 and 2026, he cited factors such as increasingly cautious consumer spending and downside risks in overseas economies, including China.

The BOJ official said the central bank should adjust its monetary policy "cautiously," pointing out that the Japanese economy is still recovering from the coronavirus pandemic rather than being on a growth path.