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 deputy governor said the bank will discuss whether to raise the policy rate or not at the meeting, based on the latest outlook on the economy and prices.

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.

The Bank of Japan will raise interest rates again at one of the two meetings this quarter to 0.50%, an overwhelming majority of economists surveyed by Reuters said, with most leaning toward a January move.

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.

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

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.