Kuroda's successor has been closely watched as an indication of how soon the BOJ will shift away from extremely low interest rates.
But the idea found traction in Kishida's administration, particularly as attempts to convince incumbent deputy governor Masayoshi Amamiya, considered the top contender for the job, failed.
Other academics in the list included Columbia University professor Takatoshi Ito, a close associate of Kuroda, and University of Tokyo academic Tsutomu Watanabe, known for his research on Japan's deflation. But Amamiya had made clear to associates from the outset he had no intention of taking the job, on the view he would be not be able to dismantle the stimulus he helped Kuroda create, sources say.
Kishida's administration also wanted someone who would signal a departure from Kuroda's monetary experiment that was a key part of his predecessor's "Abenomics" stimulus policies, and became deeply unpopular with the public for failing to broadly distribute wealth. Kishida, however, said he had "exchanged views" with many people since last year in selecting the new BOJ leadership.
While Kishida did not reveal the name of his preferred choice, the BOJ succession was among topics discussed, said two sources with knowledge of the matter. The view meshed with that of Kishida's administration, which wants the BOJ to address the side-effects of yield curve control but not rush into tightening monetary policy.
During his seven-year stint as a BOJ board member, Ueda worked closely with Amamiya inventing new tools to combat a banking crisis and debilitating deflation.
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