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Bank of Japan Gov. Toshihiko Fukui on Thursday dismissed speculation that the central bank would move to raise interest rates at an early date, saying it will maintain an accommodative monetary stance to spur a well-balanced, sustainable economic recovery.

“If inflationary pressure remains restrained as the economy follows a balanced and sustainable growth path, an accommodative monetary environment ensuing from very low interest rates will probably be maintained for some time,” Fukui said in a speech to business leaders in Tokyo.

He reiterated that prices in Japan have moved at lower levels than overseas economies and such a trend is likely to continue.