Prime Minister Shigeru Ishiba’s government nominated female economist Junko Koeda to replace Seiji Adachi on the BOJ policy board, according to a statement distributed by a parliamentary committee Tuesday.
At its two-day policy meeting, the central bank said it would continue to buy government bonds at the current pace. But it decided to come up with a specific plan to trim purchases for the next one to two years, at a subsequent policy-setting meeting in July.
U.S. stock futures jumped after tech giants Alphabet and Microsoft reported quarterly results that beat Wall Street estimates. Nasdaq futures advanced more than 1%, while S&P 500 futures rose 0.7%.
The US Federal Reserve and other central banks yanked up rates to rein in galloping inflation after Russia's 2022 invasion of Ukraine.
The coming week features the world’s biggest agglomeration of decisions for 2024 to date, including judgments on the cost of borrowing for six of the 10 most-traded currencies.
Some 90% of BOJ watchers sees the risk of authorities ending the negative rate on Tuesday at the meeting’s conclusion, with that likelihood bolstered after the nation’s largest union group announced first-round results to annual wage negotiations that far exceeded expectations.
Digital financial services have spread dramatically in the Asia-Pacific region as many people living in emerging nations, who still do not have access to face-to-face financial services, jumped at the convenience of smartphones to make daily payments.
In trying to keep several plates spinning, Governor Kazuo Ueda steps on his message
MSCI's broadest index of Asia-Pacific shares outside Japan was 0.31% higher and on course for 2.5% gain in the week, its best weekly performance since January. The index rose as high as 534.16, its highest since mid-February.
The central bank has gone against the grain as its global peers hike interest rates to tackle inflation, pushing down the value of the yen against the dollar.
"The bank has decided to conduct a broad-perspective review of monetary policy, with a planned time frame of around one to one and a half years," the bank said in a statement following a two-day meeting.
MSCI's broadest index of Asia-Pacific shares outside Japan was 0.94% higher but remained on course to end the month 1.4% lower. Japan's Nikkei rose 0.51% while Australia's S&P/ASX 200 index gained 0.33%.
The euro was up 0.3% against the dollar at $1.1023, back above $1.10 for the first time since it hit a 14-month high of $1.10755 earlier this month.
Haruhiko Kuroda will become a senior academic fellow at National Graduate Institute for Policy Studies (GRIPS), a job aimed at making use of his rich experience for teaching students, many of whom are from Asia, the official said.
By Wayne ColeSYDNEY Asian shares got off to a subdued start on Monday as a U.S. holiday made for slow trading ahead of minutes of the last Fed..
Kazuo 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 prime minister said on Sunday he would nominate a new BOJ governor next month as Kuroda's second five-year term ends on April 8.
A global stock index was up, but Wall Street stocks were little changed after opening higher.
The yen was perched near seven-month highs as investors held their breath for a potential policy shift at the Bank of Japan (BOJ).
Unlike other central banks that have been aggressively raising rates to battle inflation, the BOJ continues its decades-long attempt to stoke price rises in the world's third-biggest economy, even as inflation has exceeded the bank's target.
The yen was last 0.1% lower at 128.01 per dollar, having surged to 127.46 per dollar on Friday, its highest since May last year.
There were even rumours the BOJ might hold an emergency meeting on Monday as it struggles to defend its new yield ceiling in the face of massive selling.
Haruhiko Kuroda said the BOJ's decision last week to widen the allowance band around its yield target was aimed at enhancing the effect of its ultra-easy monetary policy, rather than a first step toward withdrawing its massive stimulus programme.
All three major U.S. equity indexes opened in the red but pulled a U-turn within an hour, while a jump in the yen sent the dollar lower and 10-year U.S. Treasury yields touched their highest level this month in reaction to Japan's central bank's surprise policy change aimed at easing the cost of stimulus.
While the contours of the monetary policy statement are largely unchanged, the change in the yield cap has triggered expectations that the BoJ may well have begun to normalize monetary policy.