Bank of Japan Deputy Governor Hiroshi Nakaso in a speech earlier on Thursday said that the central bank’s negative rate policy was having a remarkable effect and that Japan is no longer in deflation. He stated the BoJ should continue with easing.

Nakaso said the central bank will pursue its massive stimulus program by striking the right balance between its powerful policy effects and potential adverse effects on financial intermediation. He said the BOJ’s comprehensive assessment of its policy effects to take place later this month will look at ways to accelerate achievement of its 2 percent inflation target.

“Based on a candid assessment, we will decide whether or not it will be necessary to make adjustments to the current policy framework, and if judged necessary, in what way it should be adjusted,” Nakaso said in a speech on Thursday.

Nakaso’s general tone of weighing the costs and benefits of BoJ policy was broadly similar to that of BOJ Governor Haruhiko Kuroda earlier this week, in which Kuroda acknowledged the costs of the BOJ’s aggressive stimulus.

BOJ meets on Sept. 21, when it is expected to unveil the results of a comprehensive policy review it promised in July. There is no clear consensus on what the central bank will do. Likelihood of another BoJ disappointment is rising, putting upside risk to the near-term path for JPY. The yen held firm against the U.S. dollar on Thursday after Nakaso’s comments.