Former Bank of Japan Deputy Governor Masazumi Wakatabe said on Thursday that the timing of a potential interest rate hike is less important than whether the economy can withstand tighter monetary policy. "Whether the Bank of Japan raises rates in June is not the essential issue. What really matters is whether the economy is in a condition where the Bank of Japan can raise interest rates," Wakatabe said, speaking at a meeting of a pro-spending bloc within the ruling Liberal Democratic Party.