Kazuo Ueda has started his five-year term as governor of the Bank of Japan. He will be responsible for maintaining the bank’s 2% inflation target and planning an eventual exit. Ueda is the first governor from academia in postwar Japan. He faces pressure to change the bank’s program to keep borrowing costs low, which was started by former Governor Haruhiko Kuroda. Ueda has said he will continue monetary easing but may change the bank’s policy on the yield curve control program. The Bank of Japan has set short-term interest rates at minus 0.1% and guided long-term ones to around 0% through purchases of 10-year Japanese government bonds.
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