KOBE, Japan Bank of Japan board member Toyoaki Nakamura said on Thursday the central bank will likely need some more time before modifying its ultra-loose monetary policy.

"We haven't reached a stage where we can say with conviction that sustained, stable achievement of our 2% inflation target, accompanied by wage growth, is in sight," Nakamura said in a speech to business leaders in the western Japan city of Kobe.

(Reporting by Leika Kihara; Editing by Kim Coghill)