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Bank of Japan

BOJ governor pick Ueda faces disentangling decade of ultraloose policy

Market dysfunction and tensions with traders mean rocky road ahead

The Japanese government plans to appoint Kazuo Ueda, an economist and former member of the Bank of Japan policy board, as the BOJ's next governor. (Nikkei montage/Shihoko Nakaoka/Hideyuki Miura)

TOKYO -- As the Bank of Japan's next governor, Kazuo Ueda would bear the weighty responsibility of wrapping up a decade of ultraloose monetary policy that has failed to achieve its goal of igniting a stable cycle of economic and price growth.

Choosing a successor to Gov. Haruhiko Kuroda, the country's longest-serving central bank chief, proved difficult for the government. Deputy Gov. Masayoshi Amamiya, the top candidate and an architect of Kuroda's policies, declined the post, saying a new perspective was needed.

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