The Japanese yen pushed higher against both the euro and U.S. dollar after a Nikkei report said Kazuo Ueda would be the next Bank of Japan governor.
on Friday after a Nikkei report said Kazuo Ueda would be appointed as the Bank of Japan's next governor.He replaces Haruhiko Kuroda, whose term started on 20 March 2013 and will end on 8 April 2023. Kuroda has overseen the BOJ's policy of ultra-low interest rates while other major central banks have been hiking to tackle inflation.
On Tuesday the government will officially nominate Ueda, along with BOJ Executive Director Shinichi Uchida and former chief of the Financial Services Agency Ryozo Himino as deputy governors, Nikkei reported. "Ueda seems a very different type from Kuroda, in terms of being an academic who would plainly conduct policy based on actual economic fundamentals and value conversations with the market," said Hiroaki Muto, an economist at Sumitomo Life Insurance Co., in a note published by Reuters.
However, Muto added, he may not be a "super hawkish type" – so any "normalization" would take place very slowly.This is a breaking news story and will be updated shortly.
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