* BOJ should consider more easing if risks materialise-Shirai

* Shirai mum on tools but c.bank reviewing various ideas

* Warns personal consumption may have peaked

* Dismisses calls to water down price target

* Repeats view economic, price risks tilted to downside

By Leika Kihara

TOKUSHIMA, Japan, Nov 27 (Reuters) - The Bank of Japan should consider expanding monetary stimulus if economic and price growth sharply deviates from its projections, a central bank policymaker said, warning that prospects for meeting the bank's inflation target were uncertain.

Sayuri Shirai -- among the growing number of pessimists in the nine-member board -- said she wasn't sure whether consumer inflation will reach 2 percent two years from now due to uncertainty over whether wages and inflation expectations will improve enough in a country long mired in deflation.

"I won't rule out further easing. If risks materialise, Japan's economic and price growth may sharply deviate from our projections," Shirai told a news conference after meeting business leaders in Tokushima, western Japan, on Wednesday.

"If that happens ... we shouldn't hesitate to ease," she said, adding that the BOJ should also consider further action if market confidence in its inflation target is sharply eroded.

Shirai declined to say what tools were available if the BOJ were to act again, but added that there were "various ideas," such as buying more government bonds and other assets.

The former IMF economist was among the three board members who surprised markets last month by dissenting to the rosy projections made in the BOJ's semi-annual report, exposing a rift in the bank over prospects for meeting its pledge to accelerate inflation to 2 percent in roughly two years.

But even the pessimists disagree on what needs to be changed in the BOJ's current policy framework.

Shirai dismissed attempts by the two other dissenters to water down the BOJ's commitment, including that by one board member who said the bank's inflation target should be considered in a range centering on 2 percent.

"Setting a range ... may be one option but only when consumer inflation stably exceeds 1 percent and long-term inflation expectations can be projected to move around 2 percent," she said.

"Unless such conditions are met, adopting a range ... could give the impression the BOJ's determination to achieve 2 percent inflation has waned."

Shirai said she expects core consumer inflation to slightly exceed 1.5 percent in fiscal 2015 but was unsure whether it will reach 2 percent by the end of that year in March 2016.