Ueda would replace current central bank chief Governor Haruhiko Kuroda, who was first appointed in March 2013. His current five-year term will end on April 8.
Japan’s central bank will meet this week amid soaring bond yields and a strong yen, with some economists expecting it to scrap its yield curve control policy.
A public weary of virus precautions pushed up consumption of goods and services, but the longer-term picture is uncertain as the global economy weakens.