Bank of Japan Governor Kazuo Ueda said the timing of the central bank’s next policy adjustment will depend on the economy and prices, underscoring his data dependent stance and keeping his options open over when to next hike rates.

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,

The yen weakened as much as 0.5% to ¥155.14 against the dollar as Ueda’s comments proved less hawkish than some market participants had expected.

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.