Citing sources, Reuters reported on Monday, Japan's Upper House of Parliament has scheduled confirmation hearings on government nominees for the new Bank of Japan (BoJ) governor and his two deputies on February 27.

On Tuesday, February 14, the Japanese Cabinet is expected to formally nominate academic Kazuo Ueda as the new BoJ Governor along with the two deputies at both houses of parliament.

Tetsuya Inoue, a former staff secretary to Ueda during his time as a Bank of Japan monetary policy board member, said that Ueda will likely let the data guide him on the exit timing.

Market reaction

USD/JPY has recaptured the 132.00 barrier on the above headlines. The pair is trading 0.51% higher on the day at 132.07, at the press time.