Kazuo Ueda’s term began on Sunday, succeeding Haruhiko Kuroda, whose second, five-year term ended on Saturday
Japan’s new central bank governor Kazuo Ueda faces a bumpy road as slowing global growth clouds prospects for a sustained pickup in inflation and wages, a prerequisite for phasing out his predecessor’s controversial monetary stimulus.
In parliamentary confirmation hearings in February, Ueda has stressed the need to keep ultra-easy policy to ensure Japan sustainably achieves the BOJ’s 2 per cent inflation target backed by wage growth. “When the appropriate timing comes, the BOJ’s new leadership will likely modify or abolish YCC,” he said.
At his final briefing as governor on Friday, Kuroda said Japan was moving closer to achieving sustained 2 per cent inflation as the public’s long-held perception that prices won’t rise, was beginning to change.
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