Japan PM favourite warns there's no rush to raise interest rates

The Bank of Japan should maintain ultra-low interest rates to support the fragile economic recovery, Sanae Takaichi, Japan's minister responsible for economic security and safety and a leading candidate in the ruling Liberal Democratic Party's presidential race, said on Saturday. Asked about the BOJ's plans to raise interest rates this year, she told a news conference gathering the nine candidates in the race, ‘Frankly speaking, it's still too early.’ She added, ‘Interest rates should be kept low.’ The BOJ dropped negative interest rates in March and raised short-term interest rates to 0.25 per cent in July as the central bank believes the economy is on track to achieve its 2 per cent inflation target on a lasting basis.