Growing risk of disappointment from new-look BoJ

The government is due to announce its nominee for Bank of Japan Governor in the next few days, with expectations running high that the successful candidate will set policy-making on a new course. The emergence of a new front-runner for the post suggests these hopes could be disappointed. In any case, with the yen now close to what even the most dovish of the likely candidates believes appropriate, the downside for the currency is limited.