Japan’s lower house approves Ueda as next BOJ chief

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Japan’s lower house approves Ueda as next BOJ chief
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Japan’s lower house of parliament approved the government’s nominees for next central bank governor and deputy governors, signing off on a new leadership that will be tasked with steering a smooth exit from ultra-loose monetary policy. | Reuters

Ueda will chair his first policy meeting on April 27-28, when the board will produce closely-watched, fresh quarterly growth and price forecasts extending through fiscal 2025.

Ueda, however, said he did have ideas on how the BOJ could exit its massive stimulus, and was open to the idea of conducting a comprehensive review of its policy framework. With market distortion caused by YCC showing few signs of letting up, a majority of economists polled by Reuters expect the BOJ to end its yield curve control policy this year. Half of them said Ueda will tweak YCC within three months, such as by widening the band set around its 10-year yield target.

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