TOKYO : A soft-spoken academic with a PhD from the Massachusetts Institute of Technology, Kazuo Ueda - Tokyo's nominee for next Bank of Japan governor - is a pragmatist who knows how to turn policy ideas into reality.Unlike incumbent Governor Haruhiko Kuroda, who arrived with a clear mandate to beat defla
TOKYO : A soft-spoken academic with a PhD from the Massachusetts Institute of Technology, Kazuo Ueda - Tokyo's nominee for next Bank of Japan governor - is a pragmatist who knows how to turn policy ideas into reality.
As the first postwar BOJ governor to come from academia, the 71-year-old also brings a wealth of experience helping guide Japan's economy through rough waters - including during his time at the central bank's nine-member board from 1998 to 2005. "His style is to discuss monetary policy based on facts and evidence," said Tetsuya Inoue, who was Ueda's staff secretary when he was a central bank board member.
Even after retiring as board member, he has been close to the BOJ. A good number of students he taught at the prestigious University of Tokyo now work at the bank. Like Kuroda, Ueda understands the dangers of deflation and the difficulty of breaking Japan's sticky deflationary mindset that took root during decades of falling or flat price growth.
In a book published in 2005, Ueda voiced scepticism over the effect of massive asset-buying and warned of the difficulty of affecting public perceptions with monetary policy - views that contradict with those of Kuroda.
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