Muto says BOJ will take its time with rate rises

Bank of Japan deputy governor Toshiro Muto said Friday 21 July the central bank will take its time with future interest rate increases, and the current accommodative conditions are likely to stay for now.

Muto also said in a speech that a recovery in the short-term money market was "only halfway through" and that more time was needed before it regained its full functions.

"We will closely examine the state of the economy and prices and adjust interest-rate levels at a gradual pace," Muto said a