The yen fell on Monday after new Bank of Japan governor Kazuo Ueda signalled he would for the time being stick to the ultra-loose monetary policy overseen by his predecessor over the past decade.
In his first news conference as head of the BoJ, the 71-year-old economist stressed that the two pillars of Japan’s current monetary policy — negative interest rates and yield curve control — remained appropriate under current economic conditions.
Ueda, professor emeritus of the University of Tokyo with a PhD in economics from Massachusetts Institute of Technology, became the first academic to take the helm of the BoJ after he took over from Haruhiko Kuroda on Sunday.
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