Bank of Japan (BOJ) Governor Kazuo Ueda said Friday the central bank must maintain an accommodative monetary policy to support economic growth and ensure the underlying inflation gradually moves to the 2% target.

Ueda told the Parliament that the recent increase in the consumer price index above the 2% target has been led by cost-push factors such as elevated food and fuel prices that will likely dissipate.

The comments come a week after the bank raised the benchmark borrowing cost to 0.5%, the highest in over 16 years, and could assuage fears of a yen-led risk-off in global markets, including cryptocurrencies, as observed in August.

The governor, however, maintained that rate hikes will continue if the economy evolves as expected. According to ForexLive, traders see the next BOJ rate hike in July.