TOKYO—Bank of Japan Gov. Kazuo Ueda has said he won’t push for higher interest rates unless the economy is strong enough to take it, fueling speculation that the next increase won’t come soon.

Bank of Japan Governor Kazuo Ueda said on Tuesday the country's underlying inflation was still "somewhat below" the central bank's 2% target.

Bank of Japan Governor Kazuo Ueda said on Tuesday the central bank will raise interest rates once it is convinced enough that economic and price growth will re-accelerate after a period of stagnation.