"The BOJ isn't seeking to push up inflation alone. We want to create a situation where wage and employment conditions improve too ... and a positive economic cycle is created," Kuroda told parliament.
"Currency moves could have an impact on the economy and prices, so it's crucial we take into account these factors when guiding monetary policy," Kuroda told parliament.
The BOJ has blamed falling oil prices and the Japanese public's sticky deflationary mindset for delaying achievement of its price target.
The central bank also left unchanged its forward guidance, adopted in July, that pledges to keep interest rates extremely low for an extended period.
Bank of Japan Gov Haruhiko Kuroda told fellow financial leaders Thursday that policies must be devised to prevent the shrinking population from hindering economic growth.
The rift highlights the BOJ's deepening dilemma. With inflation distant from its 2 percent target, it is forced to maintain a massive stimulus programme despite the negative spillover such as the hit to financial institutions' profits from years of near-zero interest rates.
Japanese Prime Minister Shinzo Abe said on Tuesday specific monetary policy steps must be left for the central bank to decide.
Furusawa, who oversees Asian economies at the IMF, said on Thursday it was premature for the BOJ to whittle down stimulus with inflation distant from its 2 percent target.
The minutes showed the BOJ board likely deliberated ways to make its massive stimulus programme more sustainable as long ago as June, which led to its decision this week to make tweaks to its asset-buying and allow yields to rise more.
Companies and households are also showing no signs that they are more accepting of price hikes, as prolonged periods of deflation have made them accustomed to low wage and price growth, the Bank of Japan said.
The decision underscored the challenges the BOJ faces as stubbornly weak inflation forces it to maintain a massive stimulus programme despite the rising costs of prolonged easing.
The central bank has failed to break Japan's entrenched deflationary mindset despite years of heavy money printing, with stubbornly soft inflation sapping its ammunition and global trade woes clouding the outlook for an export-reliant economy.
Kuroda also voiced concern over the damage escalating trade frictions could inflict on global growth, but repeated his view that the world's third-largest economy was on track for a moderate expansion.
The BOJ last month removed any reference to a timeframe for hitting its 2 percent inflation target, in a surprise move analysts said was aimed at keeping market expectations for more stimulus in check.
But he reiterated that it was too early to debate specific means to whittle down stimulus with inflation distant from the BOJ's 2 percent target.
With fears of a global trade war and a strong yen clouding the outlook, however, Bank of Japan Governor Haruhiko Kuroda is likely to use his post-meeting briefing to reassure markets the central bank is in no rush to dial back ultra-easy policy.
Global demand for technological products has driven an investment boom in many of the country's high-end sectors, such as autos, semiconductors and precision machinery, mirroring trends seen in other major Asian exporting nations.
Abe rebuffed the view the Bank of Japan's 2 percent inflation target was too ambitious for a country mired in two decades of deflation, saying the central bank's commitment and actions to hit the target had helped revive the economy.
BOJ Deputy Governor Kikuo Iwata said on Wednesday the central bank must maintain its "powerful" monetary easing with inflation still distant from its 2 percent target.
Koichi Hamada, an emeritus professor of economics at Yale University, praised Governor Haruhiko Kuroda, who is widely expected to be asked to stay on after his five-year term ends in April, but said there were other well-qualified individuals who could take up the reins.
In a statement released following the conclusion of its two-day meeting, the BOJ said it would keep the deposit rate unchanged at negative 0.1 percent and the 10-year yield target around 0 percent.
Economists project the Bank of Japan will keep its short-term interest rate at minus 0.1 percent and the 10-year government bond yield target at around zero percent next week, the poll showed.
The BOJ maintained the size of its buying in one- to three-, three- to five-, and five- to ten-year Japanese government bonds at 250 billion yen ($2.24 billion), 300 billion yen and 410 billion yen respectively.
Traders appeared to latch on to the BOJ announcement that it will buy less of the long-dated bonds, sending the dollar down about 0.5 percent against the yen and the longer dated 20- and 40-year bond yields up to their highest in a month.
While the bond-buying operations are usually seen as a routine affair, traders appeared to latch on to the BOJ announcement that it will buy less of the long-dated bonds, sending the dollar down about 0.5 percent against the yen.