Haruhiko Kuroda told journalists after the BoJ's monetary policy meeting that he could not rule out consumer prices in Japan falling as energy prices continue to decline.
The Bank said it expected inflation in Japan to be zero per cent 'for the time being'.
The board voted to continue with quantitative easing aimed at expanding the monetary at an annual pace of 80 trillion yen.
Update figures from Japan's Cabinet Office show GDP grew at an annual rate of 1.5 per cent in Q4 versus a previous estimate of 2.2 per cent.
Non-residential private investment was revised down, from 0.1 to -0.1 per cent.
New figures released today show Japanese GDP grew by 0.6 per cent in Q4 versus -0.6 per cent in Q3.
Year on year GDP in Q4 was up 2.2 per cent.
Both figures missed analysts expectations.
Non-residential private investment grew by just 0.1 per cent in Q4 versus -0.1 per cent in Q3.
Private consumption, which fell by 5.1 per cent in Q2 after a sales tax increase, rose 0.3 per cent in Q4.
Useful Resource: The full GDP figures from Japan's Cabinet Office
Japan's economy in focus: Abenomics
At it's monetary policy meeting earlier today, the BoJ board voted to continue with the bank's unprecedented monetary easing programme by 8 votes to 1.
For 2015, the bank sees Japanese inflation at between 0.4 to 1.3 per cent.
The BoJ upgraded its expectations for GDP growth from their October 2014 forecast; the bank now sees GDP growth in 2015 of between 1.8 and 2.3 per cent.