The yen climbed on Friday as investors responded to news of the likely appointment of academic Kazuo Ueda as the next Bank of Japan governor.
The Japanese currency climbed 0.45 per cent to 130.97 to the dollar, as markets judged Ueda would mark a departure from the ultra-dovish policies of Haruhiko Kuroda, who is due to step down in April.
“The choice of Kazuo Ueda as the next governor has taken market participants by surprise as he was not considered as one of the leading candidates,” MUFG analysts wrote in a note. “The knee-jerk reaction has been for the yen to strengthen, reflecting a combination of uncertainty over Kazuo Ueda’s monetary policy views and that the continuity candidate Masayoshi Amamiya chose not to take the job.”
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