Prime Minister Shinzo Abe nominated Haruhiko Kuroda for a second term as the governor of Bank of Japan in a highly anticipated move, multiple media outlets reported.
The nomination was forwarded to the Japanese parliament on Feb. 16. Kuroda, who has overseen the world's most aggressive monetary stimulus, took over the central bank chief post in March 2013, and his current term expires in April.
Earlier in February, Kuroda reiterated the need to maintain ultra-loose monetary policy as inflation remains far from the 2% target, a position echoed by Abe, despite Japan's strengthening economy.
Additionally, the central bank's Executive Director Masayoshi Amamiya and reflationist academic Masazumi Wakatabe were tapped to be the deputy governors, Bloomberg News reported.
The appointment of the deputy governors will be effective on March 20, after Hiroshi Nakaso and Kikuo Iwata step down.
The yen was little changed at 106.16 to the dollar, by 6:31 a.m. ET.