Bank of Japan policymakers were cautious not to indicate the central bank’s first interest rate hike in 17 years signaled the beginning of a monetary tightening cycle, while underscoring the need to guide policy as appropriate, minutes of the March meeting showed Thursday. At the March 18-19 meeting, BOJ board members expressed confidence that its 2 percent inflation target is attainable, with some pointing to the risk of higher inflation and the need to respond flexibly by possibly further raising interest rates. The Policy Board decided to use short-term interest rates as its major policy to…