Kazuo Ueda, the academic the Japanese government is reportedly planning to nominate as the next Governor of Bank of Japan (BOJ), said on Friday that the BOJ's current policy is appropriate and added they need to continue the easy policy.

"It's important to make decisions logically and explain clearly," Ueda responded when asked how he would conduct policy if he were to become the next BoJ Governor, per Reuters.

Market reaction

USD/JPY rebound from daily lows with the initial reaction and was last seen trading at around 131.00, where it was down 0.4% on a daily basis.