Bank of Japan Appoints new Monetary Policy Affairs Head

The Bank of Japan appointed Kazuhiro Masaki, a monetary policy expert with market operations experience, as the new head of its department that oversees the drafting of central bank policy on July 31.

The announcement follows the BOJ's decision last week to loosen its yield control policy, which market participants see as the beginning of a gradual shift away from decades of massive monetary stimulus.

Masaki, 55, previously served as the director of the central bank's financial system department. He takes over for Koji Nakamura, who is now in charge of the financial system department.

One of the most important divisions at the BOJ is monetary affairs. It draughts speeches for the bank's board members, including the governor and deputy governors, in addition to shaping monetary policy ideas.

Masaki was previously a senior department employee who was involved in many of the BOJ's key monetary policy shifts, including the implementation of negative interest rates and yield curve control in 2016.