Prime Minister Kishida has confirmed his intention to appoint former Financial Services Agency commissioner Ryozo Himino and BOJ governor Shinichi Uchida as the new deputy governors of the Bank of Japan.
In the Tokyo foreign exchange market, it was reported that Prime Minister Kishida decided to appoint Kazuo Ueda as the successor to Kuroda, the governor of the Bank of Japan. , has risen to the first half of the 130 yen range for $1.
Kuroda, the governor of the Bank of Japan, has the longest tenure in history, and his current second term will expire on April 8th. I confirmed my intention to appoint him and informed the ruling party executives.
In addition, it has decided to appoint Ryozo Himino, the former Commissioner of the Financial Services Agency, and Shinichi Uchida, the current Governor of the Bank of Japan, as the new Deputy Governors.
About Kazuo Ueda
After graduating from the Faculty of Science at the University of Tokyo in 1974, Kazuo Ueda (71) engaged in research activities at the Graduate School of the Massachusetts Institute of Technology, etc., and since 1993 has served as a professor at the Faculty of Economics at the University of Tokyo.
From 1998 to 1998, he served as a deliberative committee member of the Bank of Japan, and provided theoretical support for the introduction of the "zero interest rate policy" in 1999 and the "quantitative easing policy" in 2001.
After that, he returned to university as a professor at the University of Tokyo Graduate School of Economics, and in 2008, as chairman of the Cabinet Office Research Commission, he was responsible for compiling the 21st century version of the "Maekawa Report," which describes Japan's growth strategy.
Since 2017, he has been a professor at Kyoritsu Women's University.
While teaching at a university for many years, he is also active outside the university, such as an outside director of the Development Bank of Japan and a special advisor to the Bank of Japan Institute for Monetary and Economic Studies.
Yen exchange rate rises to 1 dollar = lower 130 yen level
In the Tokyo foreign exchange market, it was reported that Prime Minister Kishida decided to appoint Kazuo Ueda as the successor to Kuroda, the governor of the Bank of Japan. , has risen to the first half of the 130 yen range for $1.
A market insider said, "Under the new system, the Bank of Japan seems to be behind speculation that it will move to revise the current large-scale monetary easing measures in the not-too-distant future."
In the bond market, sales of government bonds spread, and long-term interest rates rose to 0.5%, the upper limit of fluctuation range set by the Bank of Japan.
Governor of the Bank of Japan: One word can make a big move in the market
The Governor of the Bank of Japan is the head of the Bank of Japan, which has more than 4,600 employees. He is appointed by the Cabinet with the consent of the Diet, and can be reappointed for a five-year term.
Based on the independence and neutrality of the Bank of Japan, he will not be dismissed by the government or the Diet during his term.
The Bank of Japan is also called the keeper of prices, and the governor's most important role is to steer monetary policy toward price stability.
The Bank of Japan holds monetary policy meetings eight times a year, and discusses how to control the amount of money circulating in the world and the level of interest rates based on economic and price conditions.
The Governor presides over the discussion at this meeting as chairman.
The Monetary Policy Meeting is a system in which nine policy committee members, including two deputy governors, make decisions by majority vote. will greatly affect the
In addition to answering questions about the current state of the economy and monetary policy in the Diet, the governor also attends government meetings such as the Council on Economic and Fiscal Policy, and his remarks as a financial expert are valued.
He also attends international conferences such as the G7 and G20 Finance Ministers and Central Bank Governors Meetings, where he discusses the international financial situation with the governors of the central banks of each country and explains Japan's position to the world. , and also play a role in facilitating cooperation with other countries.
A single word from his president can greatly move the market, and his words and actions have attracted the attention of market players around the world.
Bank of Japan governor agrees with Diet
The Governor of the Bank of Japan is appointed by the Cabinet with the consent of the Diet.
First, the government presents a personnel proposal to the Diet, and the candidate expresses his/her beliefs and is questioned at the "policy hearings" held by the House Steering Committee of both Houses of the House of Representatives.
After that, the plenary session of both Houses of the House of Representatives votes, and if they agree, the candidate's inauguration is formally decided.
Regarding the appointment of Governor Kuroda's successor this time, the government will present a personnel proposal to the board of directors of the committees of the administration of both houses of the Diet on the 14th of next week.
And on the 24th, we are going to hold a policy hearing and question-and-answer session at the House of Representatives Steering Committee.
The appointment of the governor is not subject to the superiority of the House of Representatives and must be approved by both houses, so the procedures are stricter than the law and budget.
In 2008, the government and ruling parties submitted to the Diet a proposal to promote Toshiro Muto, who had experience as Vice-Minister of Finance and served as Deputy Governor of the Bank of Japan, to the post of Governor Toshihiko Fukui. Opposition parties objected, saying that people from the province are unsuitable, and the House of Councilors did not agree.
After that, there was no progress in coordination between the ruling and opposition parties, and the post of Governor of the Bank of Japan became vacant for the first time since the end of World War II.
About Ryozo Himino
Mr. Ryozo Himino (62) was born in Toyama City and entered the then Ministry of Finance in 1983 after graduating from the Faculty of Law at the University of Tokyo.
Throughout his career at the Ministry of Finance and the Financial Services Agency, he has been consistently involved in compiling international rules for globally active banks and negotiating with other countries.
From 2003 to 2006, he was dispatched by the Financial Services Agency to serve as the first Japanese secretary-general of the Basel Committee on Banking Supervision, which is made up of financial supervisory authorities in major countries. rice field.
Since 2007, he has served as Chief of the First Banking Section in charge of megabanks at the Financial Services Agency. In deciding to invest in Morgan Stanley, I supported the restructuring process as the person in charge of the authorities.
In 2016, he was appointed as the vice-minister-level Deputy Director-General for International Affairs in the Financial Services Agency's international affairs. I chaired the Standing Committee.
And for a year from 2020, he served as Commissioner of the Financial Services Agency, and was responsible for supporting the financing of companies affected by the new coronavirus.
Since his retirement, he has been a visiting professor at the University of Tokyo's Graduate School of Public Policy, and since last year has been an executive fellow at the life insurance think tank Nissei Research Institute.
Mr. Himino is also known as a researcher of the French sculptor Aristide Maillol and has published a critical biography of Maillol's life.
He is also well versed in Chinese classics and has written an introductory text to the Chinese classics, the I Ching.
About Mr. Shinichi Uchida
After joining the Bank of Japan in 1986, Mr. Shinichi Uchida (60) worked for a long time in the Planning Bureau responsible for formulating monetary policy. After taking office, I oversaw the practice of monetary policy for five years.
Governor Kuroda was appointed as Director General, and introduced large-scale monetary easing and negative interest rates to achieve the price target of 2%. Participated in the formulation of controls.
After that, he was appointed as a director in 2018 after serving as the manager of the Nagoya branch, and was reappointed last year, during which he played a central role in the large-scale monetary easing policy.