Kazuo Ueda To Head Japan Central Bank As Top Favorite Declines

In a shocking twist just days before an official announcement, Prime Minister Fumio Kishida is expected to recommend economist Kazuo Ueda as the next Bank of Japan governor, Kazuaki Nagata and Elizabeth Beattie reported for Japan Times.

Photo Insert: Ueda, who sits at the BOJ policy board, dashed the perception of aligning with other major economies in raising interest rates as he maintained the BOJ must keep an ultra-loose policy.

Four days earlier, Japanese media were swamped with reports that Deputy Gov. Masayoshi Amamiya had been the government’s pick.

Amamiya, viewed as a frontrunner for the position for his extensive experience crafting the bank’s strategies and policies, reportedly turned down the position.

Kishida conveyed his decision to ruling coalition lawmakers, NHK said, adding that Shinichi Uchida, the central bank’s executive director, and Ryozo Himino, former chief of the Financial Services Agency, will both be appointed to deputy governor positions.

Takaya Yamaguchi, Kentaro Sugiyama, and Yoshifumi Takemoto reported for Reuters that Kishida could not sway Amamiya to accept the post and turned to Ueda instead.

The move, Reuters said, could see the country finally align with other major economies in raising interest rates. However, Ueda, who sits at the BOJ policy board, dashed that perception as he maintained the BOJ must keep an ultra-loose policy.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic