The current low interest rates in Japan were caused by deflationary monetary policy in the past and the only way out is to maintain the current accommodative monetary policy in order to achieve sustained expansion of economic activity while wait for prices and interest rates to rise, Bank of Japan board member Yutaka Harada said in a speech. ” If the Bank were to raise interest rates now, this would revive the deflationary mindset and consequently further delay increases in prices and interest rates,” he added.