"I don't see any grounds for cuts. ... We are not cutting rates because we are not at the target. We are not bringing inflation to the target," said Tyrowicz, considered one of the hawks on the Monetary Policy Council (MPC).

Turkey’s central bank delivered a second consecutive sizable interest-rate cut after headline inflation slowed more than expected in December.

The central bank reduced its one-week repo rate to 45% from 47.5% as a cycle of higher borrowing costs bears fruit in cooler price rises.

The Bank of Japan raised interest rates on Friday to their highest since the 2008 global financial crisis and revised up its inflation forecasts, underscoring its confidence that rising wages will keep inflation stable around its 2% target.

Japan's central bank has increased the cost of borrowing to its highest level in 17 years after consumer price rises accelerated in December. The move by the Bank of Japan (BOJ) to raise its short-term policy rate to "around 0.

The Bank of Japan increased interest rates on Friday to their highest in 17 years and signalled more hikes to come, sending the yen higher against the dollar.