The Japanese government has officially proposed the appointment of Ueda Kazuo as the Bank of Japan's new governor. He would replace incumbent Kuroda Haruhiko, whose term ends in early April.

The government presented the nomination to executive members of the Steering Committees of both houses of the Diet on Tuesday.

Ueda is a specialist in macroeconomics and finance. He previously served on the BOJ Policy Board for seven years and helped the bank introduce its zero interest rate policy and quantitative easing.

The 71-year-old was also an economics professor at the University of Tokyo. He would be the first BOJ governor in the post-war era to come from academia. The bank's top post has customarily been occupied by a former BOJ or Finance Ministry official.

The government also presented the Diet with the nomination of Himino Ryozo as deputy governor. He is the former chief of the Financial Services Agency.

Current BOJ Executive Director Uchida Shinichi was tapped as the other deputy.

The new leadership will face the challenge of generating a stable economic cycle in which prices rise in tandem with salaries. It will also look to address the effects of the bank's massive monetary easing.

The three nominees have to be approved by both chambers of the Diet to assume their posts. They are expected to speak in front of the Steering Committees in the coming weeks.