The Bank of Japan board members agreed that the bank has not preconceptions on the timing of a future change in monetary policy, at the September 7-8 policy decision meeting, according to the meeting minutes released on Wednesday. The minutes stated that: "It was important that the Bank explain carefully that the timing of any policy change depends on the development of economic activity and prices, and that it has no predetermined view regarding the future path of monetary policy at this point." According to the board members, the current economic and finantial conditions do not warrant any inminent policy action therefore it was decided to leave monetary policy steady.