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.

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The next rate hike is “nearing in the sense that economic data are on track.” At the time of writing, the USD/JPY pair is trading around 150.26, up 0.42% on the day.

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 jumped more than 1% against the U.S. dollar to a six-week high on Friday after faster-than-expected inflation in Tokyo supported bets for a Bank of Japan interest rate hike next month. The dollar sagged against its peers in trading thinned by the U.

The yen rallied Friday after forecast-busting inflation data out of Tokyo boosted talk of another Japanese interest rate cut next month, while equity markets were mixed as traders weigh the