The Bank of Japan (BOJ) has appointed Kazuhiro Masaki, a monetary policy expert, as the new head of its Monetary Affairs Department, a key division that oversees the drafting of central bank policy. Masaki, previously head of the BOJ's financial system department, will replace Koji Nakamura. The move follows BOJ's recent decision to introduce more flexibility in its yield control policy, indicating a gradual shift away from extensive monetary stimulus. Masaki, 55, who was significantly involved in critical monetary policy changes such as the implementation of negative interest rates and yield curve control, will now have a pivotal role in shaping BOJ's monetary policy and drafting speeches for the bank's board members.