Hakuho, who failed in his bid to win back-to-back titles with a playoff defeat to rival yokozuna Asashoryu at the just concluded Autumn Grand Sumo Tournament, was diagnosed with ligament damage in his left elbow on Tuesday.
An MRI found a buildup of fluid in Hakuho's elbow but there appears to be no muscles tears or bone chips, meaning he will not require surgery and is clear to compete in the Kyushu meet in November.
The Mongolian yokozuna said he has been bothered by pain in the elbow since the Nagoya meet in July.
"I was concerned about it so I feel relieved after having it examined. After first taking some time off, I will train and build up the muscles in the elbow," said Hakuho.
He also said he plans to take part in the autumn regional tournament in mid-October.