Bank of Japan Governor Kazuo Ueda has plenty of data to support the case for raising the benchmark rate in December, an outcome that would mark the first tightening of policy three times in a calendar year since the peak of Japan’s asset bubble in 1989.

The Japanese yen rose to a six-week high against the dollar Friday. While trading was thin because of the Black Friday holiday in the U.S., the moves are still worth watching after volatility in the Asian currency sparked market turmoil earlier this year.

The yen surged to a six-week high following unexpected inflation increases in Tokyo, heightening speculation of a Bank of Japan interest rate hike. As the dollar weakens due to holiday-thinned trading and previous gains,

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,

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.