An out-of-print book by the man pegged to be the next Bank of Japan governor has become a hot commodity on internet auction sites, where it’s changing hands for more than 20 times its original price.
(Bloomberg) — An out-of-print book by the man pegged to be the next Bank of Japan governor has become a hot commodity on internet auction sites, where it’s changing hands for more than 20 times its original price.
Kazuo Ueda’s 2005 work, with a title that translates as Fighting Zero Interest Rates, is selling for about 35,000 yen ($265) on sites such as Mercari, well above the list price of 1,700 yen. Other titles by Ueda, an academic who would be a surprise pick for the role, are also selling at elevated prices.
It’s an indication of people’s interest in learning more about the former University of Tokyo professor’s views on monetary policy as they seek to assess how he would act as governor. The yen jumped on Friday when his likely nomination was reported, but pared much of the gains after Ueda told reporters it’s important to stick to monetary easing for now.
‘Who Is Kazuo Ueda?’ Ringing Out Across Global Trading Floors
Japanese Prime Minister Fumio Kishida will nominate Ueda, who earned his Ph.D. at the Massachusetts Institute of Technology, to take the helm of the central bank from April, people familiar with the matter said Friday. If appointed, he would be the first academic to take the role.
Ueda, 71, is now a professor at Kyoritsu Women’s University. He was a BOJ board member from 1998-2005 when the central bank introduced a zero interest rate policy for the first time and embarked on quantitative easing. He voted against pulling away from the zero rate in August 2000, though the central bank went ahead any way.
Nikkei BP, the publisher of Fighting Zero Interest Rates, was considering reprinting it and making it available as an e-book, Atsushi Suzuki, an official from the corporate planning office, told Bloomberg.
Read more: Five Things You Need to Know About Reported BOJ Pick Kazuo Ueda
–With assistance from Jon Herskovitz.
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