Japanese Lawmakers Closely Watching Fate of Abenomics

Tokyo, Feb. 15 (Jiji Press)--Japanese ruling and opposition lawmakers are closely watching the fate of the Abenomics pro-growth economic policy after the government nominated economist Kazuo Ueda to become the next governor of Bank of Japan.

They are poised to look into what Ueda's plans are for current BOJ Governor Haruhiko Kuroda's massive monetary easing initiated under the late former Prime Minister Shinzo Abe's Abenomics policy during confirmation hearings.

The government of Prime Minister Fumio Kishida nominated Ueda Tuesday to replace Haruhiko Kuroda, whose term as governor of the central bank ends on April 8. A hearing by the House of Representatives, the lower chamber of parliament, is expected to take place as early as Feb. 24.

Many members of the ruling Liberal Democratic Party, especially those who were close to Abe, want Ueda to uphold Abenomics.

"At this moment, there is no need to change the monetary easing policy," said Hiroshige Seko, a senior member of an LDP faction previously led by Abe.

[Copyright The Jiji Press, Ltd.]