Bank Japan Governor Kazuo Ueda gave the clearest indication yet that the central bank’s next monetary policy meeting will involve a live discussion on whether to raise interest rates.

“It is impossible to predict the outcome of the meeting at this stage,” Ueda said in response to questions at the Europlace forum in Tokyo on Thursday (November 21). “The next meeting is in December, but there is still a month to go. By then, a large amount of data and information will be available.

With this remark, Ueda avoided locking himself into a rate hike in December while leaving his options open. He repeatedly said that decisions on rates would be made at each meeting and not in advance.

The remarks nonetheless highlight the possibility of a rate hike in four weeks, as expected by about half of the economists surveyed last month. More than 80% of BoJ observers surveyed expect a decision by January.

Market participants expect the BoJ to give a clearer signal ahead of a rate hike than it did in July. A rise in rates at the time blindsided some investors and was seen as contributing to the market collapse in August.

The Europlace speech was seen as an unlikely venue for major guidance on the BoJ’s next policy decision. The governor spoke widely about the challenges facing the financial sector in the face of technological advancements.

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A speech in Nagoya earlier in the week seemed like a much more likely time for Ueda to telegraph a decision if he intended to. In his speech on Monday, Ueda highlighted the outlook for the global economy and the virtuous cycle of wages and inflation as two key points for the next policy decision.

In response to a question on Thursday, he reiterated that the bank would “seriously” assess the impact of exchange rates on inflation and the economy. The yen is seen as a major catalyst for pushing the Ueda to raise rates by many BoJ observers. The currency has weakened in recent weeks, increasing inflationary pressures via higher import costs.

Some economists say the yen’s continued weakness, even after direct exchange rate intervention in July, was a key factor behind the BoJ’s decision that month. The government has already spent more than $100 billion to prop up the yen this year.

A rate hike could provide some support for Japan’s weak currency and relief for the government, but Ueda will also need to keep an eye on political developments.

Prime Minister Shigeru Ishiba’s ruling coalition no longer enjoys a majority in Parliament. December is a key month for the government to prepare next year’s budget. Some economists question whether the bank can raise rates at a critical time for fiscal policy, when the government needs help from a small party opposed to short-term rate hikes. BLOOMBERG