The Bank of Japan will debate whether to raise interest rates next week, Governor Kazuo Ueda said on Wednesday, signalling its intention to take borrowing costs higher barring a Trump-driven market shock.

Bank of Japan Gov. Kazuo Ueda said at an event on Wednesday that the BOJ will raise rates next week if economic indicators show improvement. He added that he is aware of "many positive stories" of higher wages.

Following Ueda’s remarks, the yen strengthened as much as 0.4% to ¥157.34 against the dollar, after earlier hovering around the ¥158 level.