Japan's government picked academic Kazuo Ueda as the new central bank chief on expectations for stably sustaining the inflation target along with structural wage hikes, finance minister Shunichi Suzuki said on Friday.

Suzuki also told reporters after a cabinet meeting Japan is coordinating with other countries on the agenda for when the Group of Seven financial leaders' meeting takes place later this month.

Suzuki explained that the nomination of the Bank of Japan nominees is a result of consideration towards structural wage hikes and sustainable, stable achievement of the inflation target.
    
''Himino, Uchida presented as nominees for their deep experience of financial, monetary policies,'' he said.
    
''We are arranging with other countries on agenda for when G7 finmin meeting takes place.''

USD/JPY update

More to come ...