Bank of Japan Governor Kazuo Ueda will size up the need to raise interest rates on Friday amid heightened expectations of a hike — and barring a market shock triggered by Donald Trump’s first few days in the White House.

The Bank of Japan holds its first policy meeting of the year next week and the outcome will be announced days after the inauguration of U.S. President-elect Donald Trump. Here is a guide on what to expect and why the BOJ's rate review matters: WHEN DOES THE BOJ MEETING TAKE PLACE?

The deputy governor said the bank will discuss whether to raise the policy rate or not at the meeting, based on the latest outlook on the economy and prices.

Bank of Japan Governor Kazuo Ueda sent a fresh reminder to bankers that he’s going to raise the benchmark rate if the economy continues to improve this year.

Under incumbent governor Kazuo Ueda, the BOJ ended Kuroda's stimulus measures in March and raised short-term interest rates to 0.25% in July. Ueda has signalled a readiness to raise rates further if Japan continues to progress towards durably reaching 2% inflation.

The Bank of Japan is likely to raise interest rates next week barring any market shocks when U.S. President-elect Donald Trump takes office, and maintain a pledge to keep pushing up borrowing costs if the economy continues to recover,

Bank of Japan Gov. Kazuo Ueda echoed recent comments that have revived market expectations for imminent policy action.