Bank of Japan Board Member Junko Koeda warned against taking too much of a cautious stance on raising interest rates, in comments suggesting that the central bank is on track to hike borrowing costs again in the coming months.

“Given that there have been considerable upside risks to prices in addition to continued accommodative financial conditions, the Bank should not become overly cautious about raising the policy interest rate,” Koeda said Thursday in a speech to local leaders in Kumamoto, southwestern Japan.

The speech signals that the BOJ is continuing to look for the right timing to raise interest rates further. While her comments didn’t suggest an urgent need for a back-to-back rate hike this month, they strengthened the view that another increase is likely in the coming months.

“I believe that the Bank should adjust the policy interest rate in a timely manner with an eye on the economic and price situation, while keeping in mind the estimated range of the neutral interest rate,” she said.

The BOJ raised borrowing costs last month, accelerating its pace of increases to the fastest since 1990 after an earlier hike in June. While two dissenting votes at last month’s meeting disappointed some investors looking for a unified message among the nine-member board, Koeda’s comments suggests solid support for further increases.

BOJ officials are leaning against a highly unusual back-to-back rate increase in October while still eyeing the possibility of another move as soon as December, people familiar with the matter told Bloomberg earlier this month.