The choice of Haruhiko Kuroda's successor has been closely watched as an indication of how soon the Bank of Japan will shift away from ultra-low interest rates, a transition that could have huge ramifications for global financial markets.
, a 71-year-old university professor who has kept a low profile despite strong credentials as a monetary policy expert, ticked some important boxes.. While he was not even on the list of dark horse candidates floated by the media, Ueda was well known in global central bank circles.
Most of them spoke on condition of anonymity as they were not authorized to speak publicly, or declined to comment on record due to the sensitivity of the matter. The bank’s preferred choices were incumbent Deputy Governor Amamiya, as well as former deputies Hiroshi Nakaso and Hirohide Yamaguchi, given their deep knowledge on monetary policy.
A commercial bank executive who met him late last year recalled how Amamiya, when asked, flatly denied the chance of becoming governor. “It struck me how he very strongly ruled out the possibility,” the executive said. That was too risky for Kishida, whose own faction is a minority and relies on support from more powerful groups within the LDP.
Kishida, however, said he had “exchanged views” with many people since last year in selecting the new BOJ leadership. While Kishida did not reveal the name of his preferred choice, the BOJ succession was among topics discussed, said two sources with knowledge of the matter. “Amamiya was labeled as close to Abenomics. By contrast, Ueda has a fresh image and gives the BOJ a freer hand inPolitical commentator Atsuo Ito sees Kishida’s decision as symbolic of the way his administration gives due consideration to what lawmakers of Abe’s pro-growth faction think.New power dynamics
“He’s something of a legend in Japanese central banking,” said a BOJ official of Ueda. “He stood out as someone special among the many members who served at its board.”
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