Japanese government officially appoints Ueda Kazuo as Central Bank Governor

The government in Japan has officially appointed Ueda Kazuo as the new governor of the Central Bank (BoJ). The 10-year, two-term term of BOJ Governor Kuroda Haruhiko in Japan ends this weekend. The government of Prime Minister Kishida Fumio has officially appointed Ueda Kazuo, who has been approved by parliament, as the new BOJ Governor. Ueda will begin his duties as of April 9. The national press is noting that Ueda is an academic. The official Kyodo news agency reported that Ueda is the first BOJ Governor to be appointed from the academic world in the post-war period. According to his CV, Ueda served as an academic at the University of Tokyo and Kyoritsu Women's University. Ueda, 71, who was a member of the BOJ Policy Board between 1998 and 2005 and is known as an academic, will serve for 5 years. Inflation target Under Kuroda Haruhiko, whose term ends this weekend, the central bank failed to meet its 2 percent inflation target. Among the curiosities of the Ueda era are the sustainability of the BOJ’s ultra-expansive monetary policies and the 2 percent inflation target. The Kishida cabinet emphasizes that the BOJ must continue to work closely with the government to ensure economic growth and price stability. Ueda, who will hold his first policy committee meeting at the end of April, will announce his quarterly growth and price stability forecasts for fiscal 2025.