"In conducting monetary policy, it is difficult but essential to judge the right timing," Deputy Gov. Ryozo Himino said in a speech to business leaders in Kanagawa prefecture, near Tokyo. He said the bank will discuss whether to raise the policy rate or not at the meeting on Jan.

The Bank of Japan will raise interest rates again at one of the two meetings this quarter to 0.50%, an overwhelming majority of economists surveyed by Reuters said, with most leaning toward a January move.