(Reuters) -The Bank of Japan kept interest rates unchanged on Thursday but one dissenting board member’s proposal to push up borrowing costs showed the central bank remains on track to tighten policy early next year.

As widely expected, the nine-member BOJ board voted 8-1 to keep its short-term policy rate unchanged at 0.25% in a sign policymakers preferred to tread cautiously amid uncertainty over U.S. president-elect Donald Trump’s economic plans.

Following are excerpts from BOJ Governor Kazuo Ueda’s comments at his post-meeting news conference, which was conducted in Japanese, as translated by Reuters:

JAPAN’S RATE OUTLOOK

“Real interest rates remain very low. If the economy and prices move in line with our forecast, we will continue to raise our policy rate. As for the timing of adjusting the degree of monetary support, we need to scrutinise various data carefully in reaching a decision.” STRENGTH OF JAPAN’S WAGE-INFLATION CYCLE

“We need some more information on the outlook for wages, including the momentum of next year’s wage negotiations, to confirm the strength of Japan’s wage-inflation cycle.”

UNCERTAIN OUTLOOK

“Uncertainty remains on the U.S. and overseas outlook. There’s also uncertainty on the incoming U.S. administration’s policies.” NEW U.S. ADMINISTRATION IN FOCUS “The U.S. economy overall remains firm. But there’s uncertainty over the policies of the incoming U.S. administration, so we need to scrutinise the impact more carefully.”

GLOBAL IMPACT OF U.S. TRADE POLICIES “The incoming U.S. administration’s fiscal, trade policies have a huge impact not just on the U.S. but global economies, as well as financial markets. We need to scrutinise the impact on Japan’s economy. We don’t need to wait for a specific data or event in deciding monetary policy. We will scrutinise whatever available data at each policy meeting, in setting policy.”

IMPACT OF YEN MOVES ON JAPAN’S INFLATION

“Looking at recent data, the year-on-year increase in import costs seem to have stabilised somewhat.”

JAPAN WAGE OUTLOOK

“Needless to say, both Japan’s wage outlook and the impact of Trump’s policies would take a long time to grasp the entire picture. We will need to make a decision based on what information we have at our disposal at each policy meeting.” PACE OF RATE HIKE

“The reason why we are moving slowly in raising interest rates is because the rise in underlying inflation is very moderate.”

(Reporting by Leika Kihara; Editing by Sherry Jacob-Phillips)