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The nominee, Kazuo Ueda, an academic, is expected to shift the central bank’s course away from the easy-money policy favored by outgoing chief Haruhiko Kuroda.

Global stock markets have seen relentless selling pressure in the first half of the year against the backdrop of a surge in inflation, the Ukraine conflict and the Fed's pivot away from easy-money policy.

Ironically for the ECB, the shortage of German bonds available to be borrowed risks causing funding markets to seize up, making credit more expensive and going against the spirit of the central bank's easy-money policy.

Powell himself has been influenced by this view since taking office in 2018, shifting the Fed toward easy-money policy that emphasized boosting employment over curbing inflation.

Price gains have picked up rapidly, spurring a collective freak-out, causing some Fed officials to fret about their easy-money policy setting.