Iwata has in the past called for using some sort of inflation "reference rate" to serve as an anchor for market players and the public to base their expectations on how prices will move, and on how the central bank will implement monetary policy. Some members in the government and the ruling Liberal Democratic Party have called on the BOJ to adopt a specific numerical target figure for inflation as a means of guiding policy. But many in the BOJ's policy board, including Governor Toshihiko Fukui, have sounded wary over adopting a specific numerical target, saying such a move may hinder the central bank's ability to maintain flexibility in monetary policy. Iwata said that the economy was recovering steadily, noting the economy grew firmly in the October-December quarter. Government data released earlier Friday showed Japan's GDP posted on-quarter growth of 1.4% in the period, or 5.5% in annualized terms, marking the fourth straight quarter of expansion. Price changes have also started to turn slightly positive, he said, increasing the likelihood of the BOJ ending its current policy. The central bank has three conditions for ending the quantitative easing policy: the core consumer price index must show sustainable year-on-year growth at or above zero, a majority of the nine board members must agree that the CPI will not fall back and comprehensive economic and price conditions must warrant a change in policy. The core CPI was up 0.1% on year in both November and December, after coming in flat in October. Iwata's comments are in line with those by other BOJ officials who have recently suggested an exit from quantitative easing policy is approaching, with the economy improving and consumer prices on the rise.