Bank of Japan announced that it has named a new head for its monetary policy team. The apex bank has appointed Seiichi Shimizu, currently head of its markets department, as head of the department overseeing monetary policy drafting. Shimizu is to take over from Takeshi Kato, who is to become head of the BoJ's branch in Nagoya, central Japan. The appointments are to take effect from July 20, 2020.