Sanae Takaichi, Japan's Minister for Economic Security and a leading candidate in the ruling Liberal Democratic Party's presidential election, said on Saturday that the Bank of Japan should maintain ultra-low interest rates to support the fragile economic recovery.

When asked about the Bank of Japan's rate hike plans for this year, she said at a press conference attended by the nine candidates vying for the leadership: "Frankly, it's too early." She added, "Interest rates should remain low."

The Bank of Japan abandoned negative interest rates in March and raised short-term rates to 0.25% in July, as it believes the economy is heading toward a sustainable achievement of its 2% inflation target.