Bank of Japan Governor Kazuo Ueda said he told new Prime Minister Shigeru Ishiba in a meeting on Wednesday that the central bank was supporting Japan's economy and will move cautiously in deciding whether to raise interest rates further.

Japan’s Prime Minister Shigeru Ishiba doesn’t actively support interest rate hikes from the Bank of Japan, the country’s economic revitalization minister said, underscoring the government’s stance against premature increases in borrowing costs.

The Bank of Japan should weigh any additional interest-rate increases carefully in order to avoid the risk of cooling the economy too much, the country’s new economics minister said.

By Kentaro Sugiyama and Leika Kihara (Reuters) -Japanese Prime Minister Shigeru Ishiba said the country is not in an environment for an additional rate hike, in an apparent effort to shake off his reputation as a monetary hawk,

Japan’s new Prime Minister Shigeru Ishiba doesn’t unconditionally support the raising of interest rates, one of his closest allies said, underscoring the view that the new cabinet is unlikely to want the Bank of Japan to rush into further rate hikes.