(Bloomberg) -- The Bank of Japan is expected to keep its benchmark interest rate unchanged next week before raising it in December or January, according to most economists surveyed by Bloomberg.

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Almost all of 53 BOJ watchers predict a stand pat decision at the end of a two-day meeting on Oct. 31, according to the poll. Some 53% see a rate hike in December, keeping it the most popular timing. Those expecting the move in January has jumped to 32% from 19%, while there’s been a drop in expectations for this month.

Analysts will be closely watching for policy hints from this gathering, which takes place a few days after Prime Minister Shigeru Ishiba’s first general election. With uncertainties from the US presidential vote still looming, Governor Kazuo Ueda likely won’t say anything definitive, while reiterating his stance of raising rates if the bank’s inflation outlook is realized.

“With the US presidential election coming up, the likelihood is low that the BOJ will give a strong signal for a December rate hike,” Naoya Hasegawa, chief bond strategist at Okasan Securities, wrote in the survey. “The BOJ will probably emphasize closely monitoring the US economy and domestic inflation and wages, while keeping its stance of raising rates if its outlook is met.”

For full results of the survey, click here.

A key focus of the meeting is whether the BOJ will adjust its July assessment that inflation risks are on the upside. While the yen has gained from a 38-year low of 161.95 per dollar in July, it has weakened in the past few weeks, breaking a key threshold of 150. Those fluctuations and the resulting impact on prices are likely to complicate the BOJ’s view.

Some 45% of economists see the central bank sticking with that risk assessment, while 41% anticipate change with another 14% saying it’s hard to tell.

The yen is expected to be a key factor for Ishiba’s stance on monetary policy, after he surprised traders earlier this month by saying the economy isn’t ready for a rate hike now. The remarks helped push down the currency, although a weak yen increases inflationary pressures on already struggling households.

About half of those surveyed said it’s difficult for Ishiba to continue with dovish comments as they will encourage yen weakening, according to the survey. If the yen gets to 155, Ishiba will signal more acceptance over a rate hike, according to the median estimate of the responses. The yen fell past the 152 level against the dollar on Wednesday.