Japan's government is intensifying its search for a successor to central bank governor Haruhiko Kuroda, a choice that will affect how soon the Bank of Japan (BOJ) could phase out ultra-loose monetary policy.
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There is a slim chance Kuroda might step down early from his post, so that the new governor can assume the post together with the new deputies on March 20. The subsequent meeting will be held on April 27-28 under a new BOJ leadership. At the April meeting, the BOJ will issue for the first time its quarterly growth and inflation projections for fiscal 2025, which will offer clues on how quickly the central bank could move toward an exit from ultra-easy policy.
Core consumer inflation hit 4.0% in December, double the BOJ's price target, as companies hike prices to pass on higher raw material costs to households. Analysts expect it to stay above the BOJ's 2% target for several more months, before slowing due to recent declines in global commodity costs.
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