The government is likely to appoint academic Kazuo Ueda, a former member of the BOJ's policy board, as the bank's next governor, a choice seen by markets as driving it in a more hawkish direction.
While other central banks around the world have been scrambling to cool stubbornly high inflation by ramping up interest rates, the BOJ has been in no rush to change its super-loose policy stance.
"Ueda is well-versed in interest rates. And he also has an experience of the communication struggle over the BOJ's zero-interest rate policy when he was a board member," said Shotaro Kugo, an economist at Daiwa Institute of Research. "None of the three governor/deputy governors appear to have the reflationist idea. I can see the government's intention to renew the monetary policy direction from the previous one."In an opinion piece that ran on the Nikkei in July last year, Ueda said warned the BOJ against prematurely raising interest rates just because inflation briefly exceeded 2%.
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