The Japanese yen rose off a five-month low against the dollar on Friday after a summary of opinions from the Bank of Japan’s December policy meeting showed some policymakers gaining confidence in an imminent rate increase,

The BOJ held interest rates steady at 0.25% at this month's meeting, a move Gov. Kazuo Ueda explained was aimed at scrutinizing more data on next year's wage momentum and clarity on the incoming U.S. administration's economic policies.

The Bank of Japan released for the first time estimates on how future interest rate hikes could affect its earnings, which showed it will briefly suffer red ink of up to $13 billion if short-term borrowing costs were to go up to 2%.

A summary of opinions from the Bank of Japan’s December meeting suggests that the next interest-rate hike is approaching.

The Summary of the Bank of Japan's December meeting revealed that policymakers discussed the possibility of a near-term rate hike, with some members noting that conditions were aligning for such a move.

Bank of Japan policymakers were divided between those who preferred to spend more time scrutinising data, and those who saw conditions falling into place to raise interest rates, a summary of opinions at the bank's December meeting showed.