Kazuo Ueda will take over as the Governor of the Bank of Japan (BOJ) from Mr. Haruhiko Kuroda starting from April, 9, 2023. Unlike previous governors who have traditionally come from the central bank or the powerful Finance Ministry, Mr Ueda is a trained academic. The 71-year-old former professor at Kyoritsu Women’s University served on the BOJ board from 1998 to 2005.
He was also the head of the Bank of Japan’s think tank, the Institute for Monetary and Economic Studies. Mr Ueda, for example, has argued that Japan’s negative interest rate policy is harming regional bank profit conditions, Mr Kiuchi said, adding that Mr Kuroda’s successor wants to increase or cancel the negative interest rate policy.
Mr. Kuroda’s departure on Saturday will signal the end of an era. When the former Asia Development Bank chief took over as President of the Bank of Japan a decade ago, Japan was still reeling from the 2008 financial crisis and the 2011 Great East Japan Earthquake. Mr Kuroda was chosen by the late former Prime Minister Shinzo Abe to launch one of the three arrows of his Abenomics economic policy, unleashing unprecedented monetary stimulus that was credited with jolting Japan out of its economic rut.
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Sayuri Shirai, a professor of economics at Keio University, observed that the number of tourists in Japan increased exponentially between 2013 and 2019. She also mentioned that Tokyo’s selection as the 2020 Olympic host city in 2013 prompted city development, construction, hotels, and a number of development projects.
Source: channelnewsasia.com
