TOKYO (AFP) -- Japan's economic and fiscal policy minister on Sunday put pressure on the Bank of Japan to reconsider reported plans to announce a rate hike during this week's policy board meeting.

"Currently, spending is weakening," Hiroko Ota said in a television interview.

"The Japanese economy is facing a crucial phase as it is still possible for the economy to retreat to deflation," she said. "I believe the Bank of Japan will make a decision, being fully aware of these points. I hope the Bank of Japan will make a responsible decision."

The central bank is likely to raise the benchmark rate of borrowing to 0.5 percent from the current 0.25 percent at its next policy board meeting starting Wednesday, weekend media reports said.

If bank governor Toshihiko Fukui proposes a rate hike at the meeting, a majority of the policy board is expected to approve it, the Mainichi Shimbun said Saturday.

The central bank said Friday that the economy was expanding across the country, the reports said.

Financial markets have been waiting nervously for the Bank of Japan policy board meeting, with views still divided on the prospects of an interest rate hike.

The Bank of Japan raised interest rates to 0.25 percent in July when it ended its unorthodox five-year policy of keeping borrowing costs at effectively zero in a bid to stimulate the economy.

Fukui has made clear his desire to return to a more normal monetary policy but government ministers have voiced concern that the still fragile recovery could falter if rates go up too quickly.