(Bloomberg) -- The Bank of Japan’s new Deputy Governor Shinichi Uchida indicated the possibility that when the time comes for the bank to adjusts its yield curve control program it may do it as a surprise, amid lingering market speculation over change as a new leadership takes over the BOJ’s helm. 

The bank shouldn’t communicate its policy decision in advance including any changes surrounding its yield curve control program, as it’s decided by a policy board meeting, Uchida said in response to questions in parliament Wednesday.  

“Due to the nature of the yield curve control, it’s hard to get markets price in a change beforehand,” Uchida said.

Uchida’s remarks are likely to keep market players on high alert over surprise adjustments from the BOJ. Some have already concluded that any tweak in the yield control has to be a sudden move, if the central bank is to avoid the risk of a massive bond sell off by indicating changes in advance. 

Uchida is a veteran policy architect at the BOJ, and is seen playing a key role in navigating the fate of the central bank’s massive easing program over his five-year term. 

The BOJ is in the middle of a major leadership transition, as Uchida and Ryozo Himino assumed their Deputy Governor roles last week. Kazuo Ueda is set to take the helm on April 9, after a decade of extraordinary stimulus led by Haruhiko Kuroda. 

Kuroda became known for surprises during his stint, with the latest one in December jolting global financial markets. Although he has pledged careful communication, it’s possible Ueda could also take markets unawares. 

“It isn’t always possible to telegraph a move in advance, so it’s inevitable there will sometimes be an element of surprise, though we will go on to carefully explain our thinking,” Ueda said during a parliamentary hearing for his confirmation as governor last month. 

--With assistance from Keiko Ujikane.

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