Bank of Japan Gov. Masaaki Shirakawa said May 12 that the central bank is now focused on threats to Japan's economic health, reaffirming sentiment that the country's low interest rates won't be raised anytime soon.

The BOJ "is in a situation that requires us to be watchful of risks to the economy," said Shirakawa, in one of his first speeches since he became governor.

In its April outlook report, the BOJ lowered its outlook for growth and retreated from its longtime goal of gradually raising interest rates.