WASHINGTON, April 19 (Reuters) - Bank of Japan Governor Kazuo Ueda said on Friday the central bank will "very likely" be raising interest rates if underlying inflation continued to go up.

"We will proceed cautiously, initially assessing the impact of our recent policy changes on the economy and inflation, then considering further adjustment as deemed appropriately," Ueda said in a seminar hosted by the Peterson Institute for International Economics. (Reporting by Leika Kihara; Editing by Paul Simao)