of central-bank officials are rarely bestsellers. Ueda Kazuo’s book, “Fighting Zero Interest Rates”, about his time on the Bank of Japan’s policy board, certainly wasn’t when it was published in 2005. But it began to fly off the shelves after Mr Ueda became the surprise choice to run thewhen the term of the current governor, Kuroda Haruhiko, ends in April. Mr Ueda’s book is now sold out on Amazon Japan and other big booksellers.
. If approved, as seems certain, Mr Ueda will become the first academic economist to run the bank in post-war Japan, breaking with the tradition that the governor is drawn from theor finance ministry. Many wondered if Mr Ueda might also represent a break with current policy. News of his selection sent the yen climbing and government-bond yields rising, as analysts scrambled to learn more.
On top of Mr Ueda’s academic credentials, his time on the policy board from 1998 to 2005 gives him valuable experience. This period offers clues as to how Mr Ueda may handle the top job. He is credited with bringing both theoretical rigour and imagination to debates. During a meeting in 1998, shortly after thegained official independence, Mr Ueda raised the idea of what has become known as quantitative easing.
* * A Very-Good, Selection. Congratulations, Mr, Kazuo. . BOJ - Good Work… . This Is A ‘Perfect Match’. .
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