The Bank of Japan (BOJ), the country 's central bank, said on Friday that it will not be hasty in further raising interest rates, Kyodo News reported.

Toshiro Muto, deputy governor of the bank, said the BOJ will raise interest rate levels at a slow pace while closely watching the overall economic situation and price trends.

Analysts comprehend Muto's remarks as an indication that the central bank will not approve another rate hike in the near future.

The BOJ will maintain an accommodative monetary policy if the Japanese economy progresses as what the bank has predicted, Muto was quoted as addressing on lecture in Tokyo.

The BOJ decided at its Monetary Policy Board meeting on July 13 to lift the zero-interest-rate policy, which had been effective since August 2000. The key short-term interest rate was raised to 0.25 percent on the following day.

Source: Xinhua