The Bank of Japan is likely to raise interest rates next week barring any market shocks when U.S. President-elect Donald Trump takes office, and maintain a pledge to keep pushing up borrowing costs if the economy continues to recover,

BOJ Gov. Kazuo Ueda reinforced his deputy’s message this week that his board will consider a rate hike at the meeting, boosting the yen and expectations for action.

Bank of Japan Governor Kazuo Ueda sent a fresh reminder to bankers that he’s going to raise the benchmark rate if the economy continues to improve this year.

The yen was poised for its strongest weekly performance in over a month as expectations grow that the Bank of Japan will raise rates next week, putting the dollar on the back foot ahead of Donald Trump's return to the White House.