Kazuo Ueda nominated as new Bank of Japan governor

Japan's government named academic Kazuo Ueda as its pick to become next central bank governor, a surprise choice that could heighten the chance of an end to its unpopular yield control policy.

Ueda, a 71-year-old former Bank of Japan policy board member and an academic at Kyoritsu Women's University, will succeed incumbent Haruhiko Kuroda, whose second five-year term ends on April 8, according to documents presented to parliament on Tuesday.

The appointment of Ueda came as a surprise to many investors who expected the job to go to a career central banker like deputy governor Masayoshi Amamiya.

International markets have been closely watching Prime Minister Fumio Kishida's choice of next BOJ governor for clues on how soon the bank could phase out its yield curve control (YCC) policy.

(CGTN)