The deputy governor of the Central Bank of Japan said that it is unlikely to continue to raise interest rates quickly The yen fell and Japanese stocks extended their gains

A senior official of the Central Bank of Japan said that even after saying goodbye to negative Intrerest Rate, it is difficult to see the bank continue to raise interest rates rapidly. “Even if Central Bank end negative Intrerest Rate policy, it’s hard to imagine a sustained and rapid path of interest rate hikes,” Shin Uchida, Japan’s Central Bank vice president, said in a speech to local business leaders in Nara, western Japan, on Thursday. He said financial market conditions will remain accommodative after the Central Bank ends negative Intrerest Rate, and he expects any policy action thereafter to be gradual. The yen fell as low as 148.4 against the dollar after Shinichi Uchida’s dovish speech, with Japanese stocks extending gains and benchmark Japanese government bond yields erasing earlier modest gains.