As the clock winds down on Haruhiko Kuroda's tenure as head of the Bank of Japan, Deputy Gov. Masayoshi Amamiya has been approached by the government for the role, the Nikkei daily has reported.

Amamiya, 67, who joined the BOJ in 1979, has long been viewed as a front-runner due to his extensive experience crafting the bank’s strategies and policies. Nicknamed "Mr. BOJ" and “The Prince” in the media, Amamiya possesses deep political connections useful for setting policy and in-depth knowledge of the bank’s internal workings.

The yen dropped 1% following the Nikkei report.