Japan Formalizes Kuroda as Head of BoJ

The government formally decided Tuesday to appoint Haruhiko Kuroda as Bank of Japan governor and Kikuo Iwata and Hiroshi Nakaso as deputy chiefs effective Wednesday.

Prime Minister Shinzo Abe is to deliver letters of appointment to the top central bank officials on Thursday, Chief Cabinet Secretary Yoshihide Suga told reporters.

Abe hopes that the three will help realize his desire to pursue aggressive monetary policy to fight Japan’s chronic deflation.

Gakushuin University professor Iwata and BOJ Executive Director Nakaso will serve in the posts for five years, but Kuroda, former Asian Development Bank president, will only be allowed to assume the post for the remainder of outgoing Governor Masaaki Shirakawa’s five-year term until April 8.

Kuroda will have to undergo another parliamentary confirmation process in order to take the bank’s helm for a full five-year term.

The complication resulted from Shirakawa’s earlier announcement that he will step down Tuesday, when his two deputies’ five-year terms end, rather than waiting until his own term’s expiration.

via Mainichi

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