Kuroda Haruhiko (黒田東彦) reveals the inside story of the BOJ governorship appointment in his book. The circumstances behind Deputy Governor Amamiya Masayoshi (雨宮正佳) declining the appointment and the background to the selection of Ueda Kazuo (植田和男) from academia have come to light.
According to a new book by Kuroda Haruhiko (黒田東彦), he had envisioned Deputy Governor Amamiya Masayoshi (雨宮正佳) as his successor, but Amamiya declined the appointment, and Ueda Kazuo (植田和男), an academic, was ultimately appointed Governor. Amamiya said that, having promoted monetary easing, it would be difficult for him to remain in charge through the normalisation process, and he declined the appointment. The Prime Minister's Office sent a list containing the names of 4 to 5 economists and informally asked for recommendations for Governor and Deputy Governor candidates, with Ueda also included among the candidates.
Kuroda Haruhiko (黒田東彦) met Ueda Kazuo (植田和男) in the 1980s and rated his practical decision-making ability highly, as well as his theoretical expertise. Ueda cites his vote against the end of the zero-interest-rate policy under the Hayami-era BOJ and the introduction of forward guidance at the BOJ, the first such introduction by a central bank in the world, as examples of his practical ability in monetary policy.
Kuroda said that he had "no regrets" about the unprecedented monetary easing implemented during his term and did not regard it as a negative legacy. He indicated that a review of the BOJ's earnings structure, including ETF sales, would affect future market trends. Governor Ueda Kazuo (植田和男) is expected to proceed smoothly with monetary policy normalisation, and the outlook calls for decisions on when to halt reductions in the BOJ's government bond purchases and on selling ETFs and J-REITs to be implemented while limiting their impact on the market.