Central Banks
Ueda Kicks Off BOJ Governorship in First Transition in a Decade
- Ueda inherits a stimulus program that spent $11.7 trillion
- Most economists expect some sort of shift to policy by June
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Kazuo Ueda took over the reins at the Bank of Japan, replacing Haruhiko Kuroda, whose decade-long aggressive easing efforts made the central bank capable of jolting global financial markets with just a small tweak to its policy.
Ueda began his five-year term Sunday, inheriting a monetary stimulus program from Kuroda after $11.7 trillion was spent in the pursuit of the central bank’s stable 2% inflation target. Now BOJ watchers largely see Ueda as tasked with achieving a soft landing for the massive program rather than expanding it further, as signs of its side effects pile up.