Japan Govt Nominates Ueda as Next BOJ Governor

Tokyo, Feb. 14 (Jiji Press)--The Japanese government on Tuesday submitted to the Diet, the country's parliament, the nomination of economist Kazuo Ueda as the next governor of the Bank of Japan, who would likely have to engage in the crucial mission of normalizing the central bank's monetary policy.

Ueda, a 71-year-old financial theory expert, who served on the central bank's Policy Board in 1998-2005, was picked to replace Haruhiko Kuroda, 78, whose term as BOJ governor ends April 8.

It is the first change in the BOJ governor in 10 years. As the first academic to lead the BOJ in post-World War II history, Ueda, professor at Kyoritsu Women's University in Tokyo, will be tasked with seeking an exit strategy from the central bank's current massive monetary easing.

As a member of the BOJ's Policy Board, Ueda opposed the lifting of the bank's zero interest rate policy in 2000 and helped it launch quantitative easing in 2001.

Ueda "is an internationally renowned economist with a high level of insight in the field of finance," Chief Cabinet Secretary Hirokazu Matsuno told a press conference Tuesday. "We thoroughly considered qualifications such as being able to cooperate closely with leaders of the central banks in (other) major countries and making a high level of communication with domestic and foreign market players" in the selection of the governor nominee, the top government spokesman said.

[Copyright The Jiji Press, Ltd.]