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

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.

A pick up in consumer prices in Tokyo, retail sales and industrial production signal a steady economic improvement ahead of December’s closely watched Bank of Japan policy meeting.