Prime Minister Shigeru Ishiba sought to show he isn’t pressuring the Bank of Japan over interest rate policy, saying that he was aligned with BOJ Governor Kazuo Ueda’s view that there was time to assess the situation in markets and the economy before making any changes to rates.

Prime Minister Shigeru Ishiba said Japan is not in an environment for an additional rate increase, in an apparent effort to shake off his reputation as a monetary hawk, after a meeting with Bank of Japan Governor Kazuo Ueda on Wednesday.

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.