The Bank of Japan will debate whether to raise interest rates next week, Governor Kazuo Ueda said on Wednesday, reiterating the bank's resolve to push up borrowing costs if the economy continues to improve.

Following Ueda’s remarks, the yen strengthened as much as 0.4% to ¥157.34 against the dollar, after earlier hovering around the ¥158 level.

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.