Bank of Japan Governor Kazuo Ueda said interest-rate hikes are “nearing” as inflation and economic trends develop in line with the central bank’s forecasts, without explicitly supporting an increase in December.

Bank of Japan Governor Kazuo Ueda said the timing of the next interest rate hike was "approaching" as the economy was moving in line with the central bank's forecasts, the Nikkei newspaper reported, leaving open the chance of a December rate increase.

With his latest remarks, Ueda leaves open the possibility of a December rate move without boxing himself in to that position.

Bank of Japan Governor Kazuo Ueda said the timing of the central bank’s next policy adjustment will depend on the economy and prices, underscoring his data dependent stance and keeping his options open over when to next hike rates.

Bank of Japan Governor Kazuo Ueda said the next interest rate hikes are "nearing in the sense that economic data are on track," the Nikkei business daily reported on Saturday. "I would like to see what kind of momentum the fiscal 2025 shunto (spring wage negotiation) creates,

The yen weakened as much as 0.5% to ¥155.14 against the dollar as Ueda’s comments proved less hawkish than some market participants had expected.

Bank of Japan governor Kazuo Ueda gave the clearest hint yet that the central bank’s next monetary policy meeting will involve a live discussion over whether to raise interest rates. Read more at The Business Times.