Japan's wholesale inflation accelerated in October as renewed yen falls pushed up import costs for some goods, data showed on Wednesday, complicating the central bank's decision on how soon to raise interest rates.

Bank of Japan Debates Timing of Interest Rate Hikes Amid Market Volatility The Bank of Japan (BOJ) remains split on when to raise interest rates, with some policymakers urging caution due to potential market volatility,

Japan’s central bank also projected inflation would move around its 2% target in the coming years, stressing its resolve to keep raising borrowing costs if the economy sustains a moderate recovery

The corporate goods price index (CGPI), which measures the price that companies charge each other for goods and services, rose 3.4% in October from a year earlier, Bank of Japan data showed, above market forecasts for a 3.0% gain. It followed a 3.1% increase in September.

"When yields rise, Japanese government bonds will definitely become the mainstay of our portfolio,” said Tomoki Arai, head of markets at Bank of Yokohama. "We would like to make an entry with the 10-year yield at around 1.1%.”

Bank of Japan policymakers were divided on how soon they could raise interest rates with some warning of the risk of renewed market volatility after the U.S. presidential election, a summary of opinions at their October meeting showed on Monday.

The summary of opinions from the BOJ’s October policy meeting on Monday revealed divisions among members on the timing of future interest rate hikes, with some warning of the risk of renewed market volatility.