Picking a successor: Japan eyes ADB chief to head BoJ

TOKYO: Asian Development Bank President Haruhiko Kuroda is seen as the leading candidate to become Japan’s next central bank governor, local media reported on Saturday. The government was strongly considering nominating Kuroda, 68, as the next Bank of Japan (BoJ) chief to succeed Masaaki Shirakawa, Kyodo News said, quoting sources familiar with the matter. The Asahi Shimbun also reported that one of its government and finance ministry sources said: “Mr. Kuroda is the first candidate.” Incumbent BoJ Governor Shirakawa, who disagreed with new Prime Minister Shinzo Abe on policy matters, is to step down on March 19, several weeks before the end of his term. The appointment of the central bank governor requires parliamentary approval. As the ruling coalition lacks a majority in the upper house, Abe has said he would seek support from the opposition in picking Shirakawa’s successor. Among other candidates are another former vice finance minister Toshiro Muto, and Kazumasa Iwata, head of a policy think-tank.

Published in The Express Tribune, February 24^th, 2013.

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