The Bank of Japan is broadly expected to discuss cutting bond purchases at a policy meeting ending Friday, with some investors expecting the central bank to also lay the groundwork for raising interest rates next month.

Gov. Kazuo Ueda and his fellow board members will keep the policy rate in a range between 0% and 0.1% at the end of their two-day gathering, according to all but one economist surveyed by Bloomberg. A majority predicts the board will opt to cut bond purchases from around ¥6 trillion ($38.6 billion) per month.

People familiar with the matter said earlier this month that the BOJ will probably consider whether the timing is appropriate to reduce the pace of bond buying.