Differences in policy began to emerge between Japan’s cabinet and the Bank of Japan as two of the country’s prime ministers-in-waiting told the central bank to bide its time before making any changes to monetary policy.

Fresh from prime minister Junichiro Koizumi’s cabinet reshuffle on Monday, Shinzo Abe, the new chief government spokesman, and Sadakazu Tanigaki, who was retained as finance minister, reminded the BoJ the country had not yet overcome seven years of deflation.