Now that Japan has increased its interest rates for the first time since 2007, investors and economists are divided over how long it will take before the country's central bank opts for another hike.

Bank of Japan (BOJ) watchers agree that it won’t aggressively raise rates at the pace the U.S. Federal Reserve moved when it was battling inflation.

But the consensus on how far the BOJ will go largely breaks down after that — and Gov. Kazuo Ueda provided enough ammunition for both sides of the argument in a carefully hedged press briefing on Tuesday after ending Japan’s eight-year experiment with negative rates.