Donald Trump’s victory in the U.S. presidential election could lead to higher interest rates in Japan, some analysts argue.

The Bank of Japan has been under pressure to keep monetary policy accommodative given the state of the economy and the tentativeness of the recovery.

Shinichiro Kobayashi, chief economist at Mitsubishi UFJ Research and Consulting, said that increasing interest rates has “been a bit difficult until recently.”

“Considering the outlook for the economy and the market after the U.S. presidential election, I believe it will become a bit easier to do so," he added.

One significant factor that could justify higher rates is the yen, which will likely remain weak or weaken further due to Trump’s economic policies.

The Republican president-elect has pledged to impose tariffs on imports and implement major tax cuts, which could reignite inflation in the U.S.

His election has also led to a sense of optimism on the part of some investors, as pro-business, antispending policies could be on the agenda of the new administration.

The pace of rate cuts by the U.S. Federal Reserve could slow as a result, and the interest rate gap between the U.S. and Japan might not narrow as much as expected.

The yen moved from the mid ¥151 level to breach the ¥154 mark against the dollar on Wednesday as media reported that Trump would likely win. Stocks rallied globally.

If the exchange rate approaches ¥160, the weakness of the currency could become a concern, as a weak currency can lead to more expensive imports and can fuel inflation.

“It will provide a justifiable reason for a rate hike to curb the depreciation and to mitigate the upward pressure on prices caused by rising import costs,” Kobayashi said.

“The political side won’t be able to say that the BOJ should not raise rates,” he added.

The BOJ is independent, but some analysts, traders and investors believe the views of politicians influence monetary policy decisions.

A number of politicians don’t want the BOJ to tighten its monetary policy, as it could slow the economic recovery, but they are also keen to avoid the excessive weakening of the yen.

The bureaucracy is signaling a willingness to act.

Atsushi Mimura, vice finance minister for international affairs, said on Thursday that the recent fluctuations of the yen are “one-sided and rapid,” warning that financial authorities are “ready to take appropriate actions against excessive movements.”

“We are monitoring with the utmost vigilance,” Mimura said.

The BOJ has repeatedly said that it will adjust its monetary policy as long as key growth and price data are in line with the bank’s forecast.

At the October policy meeting last week, BOJ Gov. Kazuo Ueda signaled that the central bank may be ready to make an upward move on rates at the December meeting.

Prior to the October meeting, the governor used language that signaled patience on rate increases as some U.S. economic data were weak and markets volatile. As indicators suggested a stronger U.S. economy and markets stabilized, he has ceased using that language.

Some analysts predict that the BOJ will raise rates during its December meeting, which is scheduled for Dec. 18 and 19.

Kobayashi of Mitsubishi UFJ Research and Consulting said he initially thought that the BOJ would wait until January or March to introduce another rate increase.

But considering the weakness of the yen in recent months, “it’s possible that the bank will raise rates in December,” he said.

Wage growth beating inflation is one of the critical triggers for a rate increase.

Although real wages rose in June and July, after 26 months of declines, they fell in August and September. The labor ministry said on Thursday that real wages dropped 0.1% in September from a year earlier.