The Japanese government intends to appoint Kazuo Uedaeconomist and former board member of the Bank of Japan as the successor of Haruhiko Kuroda, according to Japanese site Nikkei Asia. The US dollar weakens against the yen by 0.50% per share 130.80.
Initially the government approached the deputy governor of the BOJ, Masayoshi Amamiya as a possible successor to Kuroda, but was met with a firm rebuff. Also, the government will appoint Shinichi Uchidaexecutive director of the BOJ, e Ryozo Himinoformer head of the Financial Services Agency, to the posts of lieutenant governor.
On Tuesday, February 21, the government of Japan will present candidates for parliament.
Ueda will replace Haruhiko Kuroda, whose term began on March 20, 2013 and will end on April 8, 2023. Kuroda oversaw the BOJ’s policy of extremely low interest rates while other major central banks decided to approach inflation in a totally different way and in line with classical monetary theory.
The yen toasts the possible appointment of Kazuo Ueada to the BOJ
The dollar weakens against the Japanese yen 0,6% a quota 130.68. This is a rebound of the yen against the US dollar of 14,5% from the minimum of October 2022 to today.
In 2022, the yen hit a more than 20-year low (-31.5% from January 22 to mid-October) against the US dollar in a year in which investors chose to take refuge in the dollar.
Kuroda recently defended the BOJ’s yield curve control policy, which keeps his tolerance range for yield in a narrow range. The BOJ rocked markets in December when it widened the yield on the 10-year Japanese government bond to move 50 basis points either side of its 0% target, up from a previous 25 basis points.
There also: Bank of Japan towards the conclusion of the yield curve control policy
In January, inflation in Japan, as measured by the CPI consumer price index jumped by 4,3% on an annual basis, confirming itself as decidedly higher than the target of 2% of the Bank of Japan for the eighth consecutive month.