BOJ could ease further early next year on weak prices

The Bank of Japan could ease monetary policy further early next year, with nearly half of the analysts surveyed by Reuters expecting it to happen in January as consumer prices struggle to meet central bank projections.

A man walks past the Bank of Japan (BOJ) building in Tokyo, October 30, 2015.

Recent revisions in the central bank's inflation projections have prompted five out of 12 analysts polled by Reuters to push back their expectations for the timing of possible BOJ easing.

The BOJ last month pushed out the timing in which it expects to achieve its 2 percent inflation target by six months to the second half of next fiscal year, indicating it may want to wait and watch a while longer before easing policy.

Many analysts see the BOJ's next policy action will be to expand its stimulus program with five out of 12 projecting the central bank could ease again in January, according to the poll taken between Nov. 5 and 11.

Two analysts said the BOJ is likely to ease again in March and another two said the central bank could do so in April. The remaining three analysts each chose November, December of this year and next October.