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Japan reappoints Kuroda as BoJ chief

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1251748

TOKYO: Japan reappointed central bank chief Haruhiko Kuroda for another term on Friday, and chose an advocate of bolder monetary easing as one of his deputies in a strong signal to investors that policymakers are in no rush to turn off a sweeping stimulus programme. The selection of the new BoJ leadership comes amid heightened anxiety in Japanese and global financial markets, fuelled partly by speculation over how quickly major central banks will wind down their crisis-era policies.


In a widely expected move, the government nominated Kuroda, a 73-year-old former finance ministry bureaucrat, to serve another five-year term when the current one ends in April.


That would make him the longest serving BoJ head in half a century, a sign of premier Shinzo Abe’s confidence in the governor’s ability to pull Japan’s economy out of stagnation.


The government also nominated Masazumi Wakatabe, a 52-year-old Waseda University academic and an advocate of aggressive easing, for BoJ deputy governor.


The choice of Wakatabe could complicate Kuroda’s task of engineering a slow but steady exit from the BoJ’s stimulus. — Reuters


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