Bank of Japan Governor Kazuo Ueda said the economy was progressing towards sustained wages-driven inflation and warned against keeping borrowing costs too low, leaving open the chance of another interest rate hike as early as next month.

In his remarks, BOJ Governor Ueda emphasized that the bank will consider whether or not to raise interest rates at each policy meeting including the next one in December. He said there is no need to wait until next January, when the Trump administration will take office to assess the administration policies.

Ueda said that whether overseas economies grow moderately and whether wages continue to rise hold the key to the bank’s economic outlook.

Bank of Japan Governor Kazuo Ueda said on Monday the central bank will keep raising interest rates if economic and price developments move in line with its forecasts. "The timing for when we'll adjust the degree of our monetary support will depend on the economic,