TOKYO (Kyodo) -- The Bank of Japan is considering raising its key rate at a two-day policy meeting next week, provided U.S. President-elect Donald Trump's inaugural speech does not cause financial market turmoil, sources familiar with the matter said Friday.

The Policy Board is expected to hike its short-term policy rate from around 0.25 percent as it has become confident that the country's wages are rising at around the same pace as last year, the sources said.

The central bank has signaled in recent days that a rate hike is imminent, with Governor Kazuo Ueda and Deputy Governor Ryozo Himino making unusually detailed remarks ahead of a policy meeting, emphasizing that the bank will debate whether to raise rates next week.

The move came as the bank pointed to the pay increase momentum across industries nationwide in its quarterly report issued earlier this month.

After the previous policy meeting in mid-December, where the bank left the key rate unchanged, Ueda said he would wait for additional data to determine if the country's wages were continuing to rise.

The bank will closely monitor Trump's inauguration address Monday for indications of the broad direction of his policies, the sources said.

The Japanese central bank is driving a shift away from a decade of unorthodox monetary easing, ending its negative rate policy in March last year and raising the key policy rate to around 0.25 percent in July.