Bank of Japan Governor Kazuo Ueda said the timing of the next interest rate hike was "approaching" as the economy was moving in line with the central bank's forecasts, the Nikkei newspaper reported, leaving open the chance of a December rate increase.

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.

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Bank of Japan Governor Kazuo Ueda revealed in an exclusive interview with Nikkei newspaper that the central bank will base whether to hike interest rates on critical economic indicators, particularly wage and inflation data.

With his latest remarks, Ueda leaves open the possibility of a December rate move without boxing himself in to that position.

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,