Bank of Japan officials see little cost to waiting before raising interest rates while still being open to a hike next week depending on data and market developments, according to people familiar with the matter.

The Bank of Japan holds its final policy meeting for the year next week with its decision to be announced just hours after that of the U.S. Federal Reserve's expected interest rate cut. Here is a guide on what to expect and why the BOJ's rate review matters: IS BOJ GOING TO RAISE INTEREST RATES?

The Japanese yen rose to a six-week high against the dollar Friday. While trading was thin because of the Black Friday holiday in the U.S., the moves are still worth watching after volatility in the Asian currency sparked market turmoil earlier this year.

The Bank of Japan is taking an unusual step that signals its efforts to improve communications, in a move that may increase market expectations for a rate hike next month.

The Bank of Japan holds its final policy meeting for the year next week with its decision to be announced just hours after that of the U.S. Federal Reserve's expected interest rate cut. Here is a guide on what to expect and why the BOJ's rate review matters: IS BOJ GOING TO RAISE INTEREST RATES?