The yen weakened against the US dollar on Monday. Financial markets are speculating that the Bank of Japan will maintain its massive monetary easing policy under a new governor.

Some Japanese media reported on Monday that the government asked BOJ Deputy Governor Amamiya Masayoshi to succeed Governor Kuroda Haruhiko, whose second term will end on April 8.

The foreign exchange market reacted by selling the yen on speculation that the bank will keep interest rates low and inject massive amounts of money into the markets.

The Japanese currency fell by nearly 4 yen from late last week, to the mid-132-yen level at one time.

The yen's decline prompted investors to buy shares of export-related issues on the Tokyo Stock Exchange. A weak yen helps boost the earnings of automakers and export-oriented businesses.

Asked by the media about the news reports, Prime Minister Kishida Fumio said only that he will continue considering the matter thoroughly.

Kishida has made it clear that he would replace Kuroda and suggested that the government will present to the Diet a nominee for the new BOJ leadership this month.