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,

The yen is on course for its strongest weekly performance in over a month, fueled by expectations of a rate hike by the Bank of Japan. Traders anticipatively priced an 80% chance of a hike next week amidst positive economic indicators.

Bank of Japan Governor Kazuo Ueda said on Thursday the central bank will debate next week whether to raise interest rates, based on its fresh quarterly growth and inflation forecasts.

Bank of Japan Gov. Kazuo Ueda echoed recent comments that have revived market expectations for imminent policy action.