BOJ chief tells PM that bank will move cautiously on rate hike timing

Bank of Japan Gov. 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.

The meeting, Ueda’s first with the new prime minister since he was officially appointed by parliament on Tuesday, came after Ishiba urged the BOJ to maintain loose monetary policy, as the government strives to end economic stagnation.

“I told the prime minister that we are supporting the economy with loose monetary conditions,” Ueda told reporters after the meeting at the prime minister’s official residence.