The majority of the Bank of Japan's board members agreed that the central bank was right to cut rates for the first time in seven years last month. But views differed on what the size of the rate cut should be.

The minutes of the 31 October meeting show that seven of the eight board members believed the increased sluggishness in Japan's economic activity and the downside risks to growth warranted a cut. However, three members argued that a 25 basis-point cut was more appropriate as market