Tokyo, March 7 (BridgeNews) - Bank of Japan Governor Masaru Hayami said careful consideration of the effects and side-effects of the zero-interest rate is needed before the BOJ can embark on such a policy. Hayami added that Japan is not in a deflationary spiral now, but the BOJ will monitor price declines more carefully to determine if demand-side factors are coming into play. He said the bank is ready to conduct monetary policy to relieve the negative impact of structural reforms, including banks' bad-loan write-offs.