Aso Says Academic Not Appropriate for BOJ’s Next Governor

Japan’s Finance Minister Taro Aso said the Bank of Japan (8301)’s next governor should be someone with managerial experience and that an academic isn’t appropriate for the position.

“They don’t have experience managing organizations,” Aso said in response to a question on whether the next governor should have an academic background. The BOJ’s next leader should “know how to manage an organization and language skills are desirable.”

Officials from Aso’s Liberal Democratic Party have criticized BOJ Governor Masaaki Shirakawa for failing to reverse more than a decade of deflation. Shirakawa’s five-year term ends on April 8, while his deputies Hirohide Yamaguchi and Kiyohiko Nishimura exit in March.

The government plans to map out its plans for fiscal stimulus and an extra budget by around the middle of January, before the BOJ’s next meeting, Aso said today.

Shirakawa got his master’s degree in economics in 1977 at the University of Chicago. Shirakawa served for 34 years at the BOJ before leaving in 2006 to teach at Kyoto University. He returned to the central bank as governor in 2008.

To contact the reporter on this story: Keiko Ujikane in Tokyo at kujikane@bloomberg.net

To contact the editor responsible for this story: Paul Panckhurst at ppanckhurst@bloomberg.net

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