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Bank of Japan Governor Haruhiko Kuroda said the BOJ was ready to step up its easing measures if necessary.
Kuroda delivered a speech in Washington on Monday.
He added that the central bank would persistently continue with a strong monetary easing in order to maintain its momentum towards inflation of 2%.
He added that the BOJ was willing to soften its policy if the Japanese economy was facing headwinds, including price changes.
His comments come amid increasing speculation that central banks in other major economies are about to ease their policies.
The measures would aim to give an economic boost on the back of a global slowdown.
The US Federal Reserve has hinted that the first interest rate cut for more than 10 years would be held this month.
The European Central Bank has also signaled a more accommodating attitude.
Analysts believe that these measures could strengthen the yen against the dollar and the euro, hurting Japanese exports.
Kuroda also warned against the risk of excessive easing.
In his opinion, excessively low interest rates could further damage the profitability of commercial banks and mitigate the effects of monetary easing.
The ECB is holding a policy meeting this week and the Fed and BOJ next week.
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