Japan’s Prime Minister Shigeru Ishiba doesn’t actively support interest rate hikes from the Bank of Japan, the country’s economic revitalization minister said, underscoring the government’s stance against premature increases in borrowing costs.

Japan's Parliament has elected Shigeru Ishiba, the new leader of the ruling liberal Democratic Party (LDP), as the country's prime minister. Former Prime Minister Fumio Kishida stepped down earlier in the day to make way for the new leader.

Japan's new Prime Minister Shigeru Ishiba pledged to stick to the vital Japan-U.S. alliance while calling for it to be more equitable after he took office Tuesday vowing to tackle a slow economy and regain public trust before an upcoming election.