Sources have told NHK that Prime Minister Kishida Fumio intends to appoint Ueda Kazuo as the next governor of the Bank of Japan.

Ueda spoke to reporters soon after the news broke on Friday and touched on an issue that many around the world are keen to know about.

Although Ueda said he could not make any comments, he added, "For now, we should continue with the monetary easing policy."

Ueda has championed the theory behind the BOJ's zero interest rate policy, which was introduced in 1999, and quantitative easing in 2001.

Ueda is 71 years old and graduated from the University of Tokyo in 1974. After studying at Massachusetts Institute of Technology's graduate school, he taught at the University of Tokyo's Faculty of Economics as professor.

He served on the board of the Bank of Japan for a seven-year period from 1998.

As for the central bank's deputy governors, Kishida reportedly plans to appoint the BOJ's Executive Director, Uchida Shinichi, who is currently in charge of the monetary easing program.

Also expected to be tapped is Himino Ryozo, former commissioner of the Financial Services Agency who led an effort to financially support struggling companies battered by the coronavirus pandemic.

The government will present the candidates' names to the Diet on Tuesday.

The Lower House steering committee expects to hear from the candidates on February 24th.