Japan's government plans to nominate economics professor Kazuo Ueda as Bank of Japan governor, an unexpected pick that sent the yen rallying against the dollar.
TOKYO - Japan's government plans to nominate economics professor Kazuo Ueda as Bank of Japan governor, reports said Friday, an unexpected pick that sent the yen rallying against the dollar.
Kuroda has championed a series of extraordinary monetary easing measures in his decade at the helm, from a negative interest rate to spending vast sums on government bonds, in an attempt to revive Japan's sluggish economy. Reports in Japanese media including the Nikkei business daily and public broadcaster NHK said the government plans to nominate Ueda, a former BoJ policy board member, as governor.
The Nikkei had previously said deputy governor Masayoshi Amamiya was approached about taking the top job -- news that sent the yen lower as traders anticipated a continuation of the bank's stimulus policies.
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