TOKYO - Chicago Federal Reserve President Austan Goolsbee said Wednesday the Bank of Japan faces the risk of being too late in raising interest rates at a time when consumer prices are rising.

"There's definitely, there's always a risk that you're behind the curve, and the longer it goes, with inflation above your target, the bigger the risk of being behind the curve," Goolsbee said in an interview with Kyodo News in Tokyo. But he added that he does "not weigh in opinion of what the Bank of Japan is doing."