Yen jumped earlier today on reports that Prime Minister Fumio Kishida is going to make a surprised nomination of academic Kazuo Ueda as the next BoJ Governor. Some interpreted that as a signal of a change in BoJ’s course for finally exiting ultra loose monetary policy.
However, Yen was then shot down after Ueda told Nippon TV BoJ’ current policy is “appropriate”, noting the need to continue with monetary easing. Ueda also noted, “it’s important to make decisions logically and explain clearly
Ueda, a former member of the BOJ’s policy board and an academic at Kyoritsu Women’s University. On the other hand, earlier rumor of appointing Deputy Governor Masayoshi Amamiya was seen as a sign of continuing currency policies.
The government is expected to present the nomination on February 13 and there would be hearings at the lower house on February 24.
