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,

BOJ Gov. Kazuo Ueda reinforced his deputy’s message this week that his board will consider a rate hike at the meeting, boosting the yen and expectations for action.

Bank of Japan Deputy Governor Ryozo Himino reiterated that the central bank will raise rates if its outlook continues to be realized, while adding that there are risks both at home and abroad that require attention.

The remarks, which echo those made by BOJ Deputy Governor Ryozo Himino on Tuesday, pushed up the yen as markets continued to price in the chance of a rate hike at the bank's next policy meeting on Jan. 23-24.