Kazuo Ueda, the government's nominee to become the next Bank of Japan (BOJ) governor, will speak at a confirmation hearing at the lower house of parliament on Feb. 24, a ruling party official said on Thursday.
Japan's banking lobby head Junichi Hanzawa said he expected the BOJ to exit the ultra-loose policy at some point, which would increase market volatility.
The nominations need the approval of both chambers of the Diet, which is effectively a done deal since the ruling coalition holds solid majorities in both chambers. An investigation by the government found there were no media leaks, though the wrangling was partly behind the upper house committee's failure to decide on the date of the hearing.
With inflation exceeding the BOJ's 2% target, Ueda faces the delicate task of phasing out its yield control policy that has drawn public criticism for distorting market function and crushing bank margins.issued last July, Ueda warned against raising rates prematurely but said the BOJ must eventually consider how to exit from its ultra-loose policy.
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