Citing a document submitted to parliament on Tuesday, Reuters reported that the Japanese Government nominated Kazuo Ueda to become the next Bank of Japan (BoJ)governor.

Ueda would succeed Haruhiko Kuroda, whose term ends on April 8, the document showed.

The Japanese Cabinet also nominated Former Financial Services Agency (FSA) chief Ryozo Himino and career central banker and BoJ executive Shinichi Uchida as the two deputy governors. Their term will start on March 20.

Market reaction

As the above news was well priced in, it failed to move the needle around the USD/JPY pair. The major is trading at 132.02, down 0.27% on the day, as of writing.