A soft-spoken academic with a PhD from the Massachusetts Institute of Technology, Kazuo Ueda - Tokyo's nominee for next Bank of Japan governor - is a pragmatist who knows how to turn policy ideas into reality
One of the tools he helped put in place in 1999 to combat a banking crisis and debilitating deflation back then was forward guidance, in which central banks explicitly communicate future interest rate intentions as a way of influencing spending and investment behaviour.
"He won't rely on a single model because he knows that economic and price developments are very complex. Rather, he uses economic theories as tools to conduct policy flexibly." As an adviser to a BOJ-affiliated think tank, he frequently appeared in its international panels and was among a handful of academics called upon by central bank executives for policy suggestions.
In a column published in July, Ueda warned against raising rates prematurely in response to cost-push inflation - a sign he would be in no rush to tighten monetary policy. "At some point in the future, the BOJ must take a hard look at the extraordinary monetary policy framework that has lasted longer than many people expected," Ueda wrote in the column.
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