Japan is likely to appoint Kazuo Ueda, an academic and a former member of the Bank of Japan's policy board, as the next central bank governor
Investors have repeatedly tried to push up Japanese government bond yields in recent months on expectations the BOJ will start to gradually phase out its massive stimulus programme when a new governor takes over from Haruhiko Kuroda, whose second term ends in April.
"Ueda won't make any abrupt, hasty moves toward policy normalisation. But he won't leave the side-effects of the BOJ's policy, such as dysfunctions seen in the bond market, unattended," said Nobuyasu Atago, a former BOJ official who has worked with Ueda.aimed at suppressing short- to medium-term bond yields without depressing super-long yields too much.
Analysts expect career central banker Uchida to work closely with Ueda, who will be the first academic to take the BOJ helm, and assist him on the operational details of YCC. The yen strengthened after the Nikkei reported the appointments, before trimming some of its gains. The dollarhit 0.50%, the top end of the BOJ's policy band.
"None of the three governor/deputy governors appear to have the reflationist idea. I can see the government's intention to renew the direction of monetary policy from the previous one."
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