Japan parliament OKs Ueda as BOJ chief to tackle inflation
Japan's parliament has approved the central bank's appointment of Kazuo Ueda as its new chief
TOKYO (AP) — The appointment for the next head of Japan’s central bank won parliamentary approval Friday, challenging a new monetary leadership with steering the world’s third-largest economy through inflation and other looming risks.
The nomination of Kazuo Ueda and his deputies was approved by the upper house of parliament, a day after its approval in the lower house.
Ueda hails from a scholarly background unusual for a Bank of Japan governor. He has promised a smooth transition from his predecessor's “Abenomics” — the ultra-loose monetary policies of former Prime Minister Shinzo Abe.
Until recently, the Japanese economy was stuck in deflation, a continuous spiraling down of prices, for decades. “Abenomics” policies centered around zero or negative interest rates were designed to combat deflation.
