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Japan's Upper House Approves Ueda As BOJ Governor

(MNI) TOKYO

Japan’s Upper House of the Diet on Friday approved economist and former Bank of Japan board member Kazuo Ueda as the BOJ’s next governor to replace Haruhiko Kuroda, whose term ends on April 8.

The Upper House also approved the BOJ executive director Shinichi Uchida and former chief of the Financial Services Agency Ryozo Himino to become the deputy governors. They will take office on March 20.

The Upper House’s approval followed approval by the Lower House on Thursday, paving the way for the Cabinet to officially appoint them to the governor and deputy governors.

The first policy-setting meeting under the new governor is scheduled for April 27-28 when the board members update their medium-term economic growth and inflation rate view until fiscal 2025 via the Outlook Report.

Markets are rife with speculation that the central bank will phase out or abandon yield curve control under new governor Ueda, who will take office on April 9.

MNI Tokyo Bureau | +81 90-2175-0040 | hiroshi.inoue@marketnews.com
MNI Tokyo Bureau | +81 90-2175-0040 | hiroshi.inoue@marketnews.com

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