Japanese yen jumps on report Kazuo Ueda will be next governor of the central bank

People cross the street in Ginza district, Tokyo. The Bank of Japan left monetary policy unchanged on Wednesday.

Philip Fong | afp | beautiful pictures

Japanese yen rose higher against the whole euro And U.S. dollar on Friday after a Nikkei report said Kazuo Ueda would be appointed as the next governor of the Bank of Japan.

Economist Ueda is a former member of the central bank’s policy committee.

He replaced Haruhiko Kuroda, whose term began on March 20, 2013 and will end on April 8, 2023. Kuroda has overseen the BOJ’s ultra-low interest rate policy while the central banks. Other majors are making efforts to tackle inflation.

On Tuesday, the government will formally nominate Ueda, along with BOJ CEO Shinichi Uchida and former Financial Services Authority chief Ryozo Himino as deputy governor, Nikkei reported.

Jane Foley, head of forex strategy at Rabobank London, said Ueda is not seen by many BOJs as a top contender. viewers.

“While the market is reacting to the new Governor not [Bank of Japan Deputy Governor Masayoshi] Amaniya – a known dove, we suspect that the BoJ policies won’t be much different going forward,” she told CNBC in emailed comments.

“The BoJ has managed to feed inflation and while conditions are being built to allow some stimulus to be eased, a drastic change is unlikely.”

According to a Nikkei report, Amamiya was offered the job but turned it down.

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US Dollar against Japanese Yen.

Hiroaki Muto, an economist at Sumitomo Life Insurance, said: “Ueda seems very different from Kuroda, in terms of being an academic who will make policy explicitly based on principles. real economic fundamentals and value dialogues with the market”. published by Reuters.

However, Muto added, he may not be the “super hawk type” – so any “normalization” will happen very slowly.

This is breaking news and will be updated as soon as possible.


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