Bank of Japan policy board member Toshikatsu Fukuma said Friday that the central bank will carefully judge the timing for raising interest rates without having any preconceptions on future policy. Fukuma, regarded as one of the hawkish policy makers, didn't give any fresh clues to the timing of the next interest rate hikes. "We will continue to closely monitor developments of the economy and prices and will decide on policy changes by communicating with markets," Fukuma told business leaders in Mito City, east of Tokyo. The meeting was closed to the media but the central bank released the text of his speech in Tokyo. The market's focus has shifted to when the central bank will raise the unsecured overnight call loan rate again with some expecting a hike in December. Fukuma repeated comments by Governor Toshihiko Fukui, such as that the BOJ will gradually adjust interest rates while carefully assessing developments of the economy and prices.